Blucora Announced Share Buyback Plan; To Reduce Size Of Board

(RTTNews) - Shares of Blucora, Inc. (BCOR) gained over 13% in extended session on Monday after the company announced its plan to buy back $250 million in shares through a modified Dutch Auction tender offer in the first quarter of 2023.

Blucora said it completed its previously announced sale of its tax software business, TaxAct, to an affiliate of Cinven for $720 million in cash, with after-tax cash proceeds of about $620 million.

Blucora expects to return $400 million to $450 million of capital to shareholders and announced its plan to repurchase up to $250 million of its shares of common stock through a modified "Dutch Auction" tender offer in the first quarter of 2023.

In addition, its Board of Directors has authorized the repurchase of up to $200 million of Blucora common stock.

The company also revealed that two of the company's directors, Steven Aldrich and Mary Zappone, will not stand for re-election in 2023, and the Board of Directors plans to reduce the size of the Board from 11 to nine directors effective as of the 2023 annual meeting.