Blucora says it not the right time to sell its TaxAct software business as demanded by an insurgent investor group. Blucora reports “long before Ancora began buying shares, Blucora’s Board and management had begun considering such scenarios with independent financial advisors.”The letter to shareholders from management suggests that the company’s leadership is willing to consider such a sale, but did not say if a transaction is likely. Blucora noted the impact of the pandemic on of the 2020 and 2021 tax seasons. “We believe Blucora’s tax preparation business has significant performance upside for which we would not get credit in a sale at this time,” the document reads.
Ancora has fielded four candidates for the Blucora directors, including its CEO Fred DiSanto. Blucora said DiSanto’s company is a direct competitor to Blucora’s wealth management business.
Ancora has argued there is no synergy between TaxAct and the wealth management business.
The letter was part of a proxy mailing for the election which will be held on April 24
