Tender Offer Finalized: 80.67% Proration at $15.92 Per Share
NFJ sits 18% above its 52-week low of $12.25.
Summary
The fund's tender offer closed with 23.2 million shares accepted at $15.9192 each, a 99% of NAV price. The offer was oversubscribed, with 28.8 million shares tendered, resulting in an 80.67% proration factor. Payment is scheduled for October 13, 2026. This follows the October 6 announcement of oversubscription and completes the 25% buyback agreed with activist Saba Capital. The final pricing at a slight discount to NAV is favorable for remaining shareholders, as the fund repurchased shares below their intrinsic value.
At the time of this announcement, NFJ was trading at $14.45 on NYSE in the Finance sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $12.25 to $15.75. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.