Certain BlackRock Funds Announce Expiration and Preliminary Results of Tender Offers
BlackRock announced the expiration and preliminary results of tender offers for three closed-end funds: BSTZ, BCX, and BOE. Each fund offered to repurchase up to 2.5% of its outstanding common shares. The tender offers were significantly oversubscribed, with BCX receiving 20,587,371 shares tendered against 2,056,355 shares offered for repurchase. Due to oversubscription, share purchases will be prorated. The purchase price will be 98% of each fund's NAV as of November 20, 2024.
BlackRock ha annunciato la scadenza e i risultati preliminari delle offerte pubbliche di acquisto per tre fondi chiusi: BSTZ, BCX e BOE. Ogni fondo ha offerto di riacquistare fino al 2,5% delle sue azioni ordinarie in circolazione. Le offerte pubbliche di acquisto sono state significativamente sovrascritte, con BCX che ha ricevuto 20.587.371 azioni offerte rispetto a 2.056.355 azioni disponibili per il riacquisto. A causa della sovrascrizione, gli acquisti di azioni saranno ripartiti proporzionalmente. Il prezzo di acquisto sar脿 il 98% del NAV di ciascun fondo al 20 novembre 2024.
BlackRock anunci贸 la fecha de vencimiento y los resultados preliminares de las ofertas p煤blicas de compra para tres fondos cerrados: BSTZ, BCX y BOE. Cada fondo ofreci贸 recomprar hasta el 2.5% de sus acciones comunes en circulaci贸n. Las ofertas fueron considerablemente sobre suscritas, con BCX recibiendo 20,587,371 acciones presentadas en comparaci贸n con 2,056,355 acciones ofrecidas para la recompra. Debido a la sobresuscripci贸n, las compras de acciones ser谩n prorrateadas. El precio de compra ser谩 el 98% del NAV de cada fondo a partir del 20 de noviembre de 2024.
敫旊灆搿�鞚� 靹� 臧滌潣 韽愳噭順� 韼�霌� BSTZ, BCX, BOE鞐� 雽�頃� 鞛呾鞍 旮瓣皠 毵岆 氚� 齑堦赴 瓴瓣臣毳� 氚滍憸頄堨姷雼堧嫟. 臧� 韼�霌滊姅 氚滍枆霅� 氤错喌欤检嫕鞚� 斓滊寑 2.5%毳� 鞛Г鞛呿暊 瓴冹潉 鞝滌晥頄堨姷雼堧嫟. 鞛呾鞍鞚� 韥矊 齑堦臣 鞁犾箔霅橃棃鞙茧┌, BCX電� 20,587,371欤缄皜 鞝滌晥霅橃棃瓿�, 2,056,355欤检潣 鞛Г鞛呾澊 鞝滌晥霅橃棃鞀惦媹雼�. 齑堦臣 鞁犾箔鞙茧 鞚疙暣 欤检嫕 甑Г電� 牍勲 氚半秳霅� 瓴冹瀰雼堧嫟. 甑Г 臧�瓴╈潃 2024雲� 11鞗� 20鞚� 旮办 臧� 韼�霌滌潣 NAV鞚� 98%臧� 霅� 瓴冹瀰雼堧嫟.
BlackRock a annonc茅 l'expiration et les r茅sultats pr茅liminaires des offres publiques d'achat pour trois fonds ferm茅s : BSTZ, BCX et BOE. Chaque fonds a propos茅 de racheter jusqu'脿 2,5 % de ses actions ordinaires en circulation. Les offres ont 茅t茅 consid茅rablement sursouscrites, avec BCX recevant 20 587 371 actions soumises contre 2 056 355 actions propos茅es pour rachat. En raison de la sursouscription, les achats d'actions seront proratis茅s. Le prix d'achat sera de 98 % de la valeur nette d'inventaire (VNI) de chaque fonds au 20 novembre 2024.
BlackRock gab die Frist und die vorl盲ufigen Ergebnisse der 枚ffentlichen Kaufangebote f眉r drei Geschlossene Fonds bekannt: BSTZ, BCX und BOE. Jeder Fonds bot an, bis zu 2,5% seiner ausgegebenen Stammaktien zur眉ckzukaufen. Die Kaufangebote waren erheblich 眉berzeichnet, wobei BCX 20.587.371 angebotene Aktien erhielt, w盲hrend 2.056.355 Aktien zum R眉ckkauf angeboten wurden. Aufgrund der 脺berzeichnung werden die Aktienk盲ufe anteilig verteilt. Der Kaufpreis betr盲gt 98% des NAV jedes Fonds zum 20. November 2024.
- Purchase price set at 98% of NAV indicates strong shareholder value proposition
- High subscription rate demonstrates strong market interest in the tender offer
- Significant oversubscription means most shareholders won't be able to tender their desired amount of shares
- Purchase price at 2% discount to NAV represents a small loss for participating shareholders
Insights
The tender offer results reveal significant shareholder interest in liquidating positions, with all three BlackRock funds experiencing substantial oversubscription. For BCX specifically, the 20,587,371 shares tendered vastly exceeded the 2,056,355 shares offered for repurchase, indicating strong selling pressure at a 2% discount to NAV. This overwhelming response suggests shareholders are eager to exit their positions, potentially due to broader market concerns about commodities and resources sectors.
The heavy oversubscription means shareholders will face significant proration, likely receiving the ability to sell only about 10% of their tendered shares. The
Each Tender Offer commenced on October 17, 2024 and expired at 5:00 p.m. Eastern time on November 19, 2024.
Based on preliminary information, the number of Shares properly tendered for each Fund and not withdrawn is noted in the table below.
Fund Name |
Ticker |
CUSIP |
Shares Offered
|
Shares Tendered
|
BlackRock Science and
|
BSTZ |
09260K101 |
1,854,222 |
19,714,994 |
BlackRock Resources &
|
BCX |
09257A108 |
2,056,355 |
20,587,371 |
BlackRock Enhanced Global
|
BOE |
092501105 |
1,499,691 |
14,941,364 |
Based on the preliminary results shown above, because the Tender Offer was oversubscribed for each Fund, the relative number of Shares that will be purchased from each shareholder is expected to be prorated based on the number of Shares properly tendered for the Fund. The purchase price of properly tendered and accepted Shares for each Fund will be
Questions regarding the Tender Offers may be directed to Georgeson LLC, the Information Agent for the Tender Offers, toll free at the numbers disclosed in each Fund鈥檚 Offer to Purchase.
Important Notice
This press release is for informational purposes only and shall not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell any common shares of the Funds. The offer to purchase a Fund鈥檚 common shares was made only pursuant to an offer to purchase, a related letter of transmittal and other documents filed with the
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Source: BlackRock Closed-End Funds
FAQ
How many shares were tendered in BlackRock Resources & Commodities Strategy Trust (BCX) tender offer?
What is the purchase price for shares in the BlackRock funds tender offer?
Why will shares be prorated in the BlackRock BCX tender offer?
