Tender Offer Oversubscribed: 28.8M Shares Tendered at 99% of NAV
NFJ sits 23% above its 52-week low of $12.25.
Summary
The fund's tender offer for up to 25% of shares was oversubscribed, with 28.8 million shares tendered versus the maximum it can accept. Proration will apply, and the purchase price is set at $15.9192 per share, 99% of NAV. This follows the September 1 tender offer commencement and the April activist standstill agreement with Saba Capital. The oversubscription signals strong shareholder demand to exit at near-NAV, which is positive for remaining holders as it reduces the discount. Final results are expected October 7.
At the time of this announcement, NFJ was trading at $15.11 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.