Saba Capital, Voya Agree to Merge Funds, End Activist Battle
IAE sits 36% above its 52-week low of $6.62.
Summary
Saba Capital and Voya have reached an agreement for the merger of Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Voya International High Dividend Equity Income Fund (IHD) into the Voya Multi-Manager Emerging Markets Equity Fund. As part of the deal, Saba Capital will withdraw its 2026 trustee nominations and adhere to a standstill agreement until 2028. This resolution follows Saba Capital's activist campaign, detailed in a May 8th 13D/A filing where they nominated a trustee. The agreement provides corporate stability and a clear path for the fund's consolidation, resolving a significant governance issue.
At the time of this announcement, IAE was trading at $9.00 on NYSE in the Finance sector. The 52-week trading range was $6.62 to $8.89. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.