Ex-SEC head seeks H&R; board seat
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Richard Breeden, former head of the Securities and Exchange Commission and now a hedge fund manager, is seeking a seat on H&R; Block Inc.’s board as management faces pressure to sell the company.
Breeden Capital Management, which holds about 2% of H&R; Block’s shares, will nominate Breeden and two other people to fill three seats on the company’s 11-member board in September, the Greenwich, Conn.-based investment firm said Wednesday.
Breeden, who was SEC chairman from 1989 to 1993, said he planned to prompt changes to boost the Kansas City, Mo.-based company’s stock.
H&R; Block shares Wednesday rose $1.02, or 4.6%, to $23.02. The stock has declined 3.5% in the last year.
The company might fetch $29 a share in a leveraged buyout, a UBS analyst said Wednesday.
Applebee’s International Inc. began a search for a buyer after Breeden Capital, which owns 5.2% of the company, nominated four candidates for the board in December and called the stock’s performance a “disaster.” The restaurant operator added Breeden to its board in April.
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