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Special Opportunities Fund Reaches Settlement With Delaware Enhanced Global Dividend and Income Fund
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Special Opportunities Fund, Inc. (NYSE: SPE) announced a standstill agreement with Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) regarding DEX's proposed reorganization into abrdn Global Dynamic Dividend Fund (NYSE: AGD). The agreement includes a contingent tender offer for DEX to purchase up to 30% of its shares at 98% of the net asset value, pending shareholder approval. Chairman Phillip Goldstein believes this offer is beneficial for DEX shareholders and encourages their support for the reorganization.
Positive
Contingent tender offer allows DEX to purchase 30% of shares at 98% of net asset value, potentially enhancing shareholder value.
Negative
None.
SADDLE BROOK, N.J.--(BUSINESS WIRE)--
Special Opportunities Fund, Inc. (NYSE: SPE) today announced that it has entered into a standstill agreement with Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) in connection with the proposed reorganization of DEX into abrdn Global Dynamic Dividend Fund (NYSE: AGD).
Among other things, the agreement provides for DEX to conduct a tender offer to purchase up to 30% of its issued and outstanding common shares contingent on shareholder approval of the proposed reorganization at a price equal to 98% of its net asset value per share.
Phillip Goldstein, Chairman of SPE and a managing partner of Bulldog Investors, LLP, SPE鈥檚 investment advisor, stated: 鈥淲e think the contingent tender offer is fair to all shareholders of DEX and we urge them to vote in favor of the proposed reorganization.鈥�
About Special Opportunities Fund, Inc. and Bulldog Investors, LLP:
Special Opportunities Fund, Inc. is an SEC-registered closed-end investment company. () Bulldog Investors, LLP is an SEC-registered investment adviser that manages Special Opportunities Fund, and separately-managed accounts. ()
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InvestorCom LLC John Glenn Grau (203) 972-9300 ext. 110
Source: Special Opportunities Fund, Inc.
FAQ
What is the tender offer amount for DEX shares?
The tender offer allows DEX to purchase up to 30% of its shares at a price equal to 98% of its net asset value.
What is the significance of the standstill agreement between SPE and DEX?
The standstill agreement facilitates the reorganization of DEX into AGD, which aims to improve shareholder value.
When will the tender offer be conducted?
The tender offer is contingent on shareholder approval of the proposed reorganization.
Who supports the proposed reorganization of DEX?
Phillip Goldstein, Chairman of SPE, supports the reorganization and urges DEX shareholders to vote in favor.
