Saba Funds Win Reapproval for Merger, Targeting Q4 2026 Close
BRW is trading near its 52-week low of $6.38 (0.2% above the low).
Summary
Shareholders have reapproved the merger of Saba Capital Income & Opportunities Fund (BRW) and Saba Capital Income & Opportunities Fund II (SABA), with closing targeted for Q4 2026. The reapproval removes a key uncertainty following the contested board election disclosed in June, where activist GAMCO opposed the deal. Combining the two funds should streamline operations and reduce expenses, though the market has yet to price in the full benefit with shares near their 52-week low. The definitive proxy filed in July set the stage for this vote, and the Q4 closing timeline gives investors a concrete window for completion.
At the time of this announcement, BRW was trading at $6.39 on NYSE in the Finance sector, with a market capitalization of approximately $327.3M. The 52-week trading range was $6.38 to $8.46. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.