Virtus NFJ Commences 25% Tender Offer at 99% of NAV, Expiring October 5
NFJ sits 26% above its 52-week low of $12.25 on light trading volume (0.4× avg).
Summary
Virtus Dividend, Interest & Premium Strategy Fund commenced its tender offer to repurchase up to 25% of outstanding shares at 99% of NAV, expiring October 5, 2026. The offer stems from the April 2026 standstill agreement with activist Saba Capital.
Key Events · Financing and Capital Events · NFJ
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Tender Offer Commences
Fund offers to purchase up to 23,241,811 shares (25% of 92,967,244 outstanding) at 99% of NAV, expiring October 5, 2026.
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Pricing at 1% Discount to NAV
Purchase price set at 99% of NAV as of October 5, 2026. Based on July 31, 2026 NAV of $16.40, estimated price is $16.24 per share, versus market price of $15.22 (7.2% discount to NAV).
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Maximum Payment $377M
If fully subscribed, estimated payments total approximately $377,354,043.40, funded through portfolio liquidations without borrowing.
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NAV Accretion for Remaining Holders
Pro forma NAV per share increases from $16.40 to $16.45 after repurchase, as shares outstanding decline to approximately 69.73M.
Analysis · NFJ · Unknown
The Fund has formally commenced its tender offer to repurchase up to 25% of outstanding shares at 99% of NAV, with a definitive expiration date of October 5, 2026. This is the execution of the April 2026 standstill agreement with activist Saba Capital. The offer provides shareholders a liquidity event at a 1% discount to NAV, which is favorable compared to the current market price trading at a 7.2% discount to NAV as of July 31, 2026. The repurchase will reduce shares outstanding from 92.97M to approximately 69.73M if fully subscribed, increasing NAV per share for remaining holders from $16.40 to an estimated $16.45. The Fund will fund the purchase through portfolio liquidations, which may trigger capital gains distributions and increase the expense ratio for remaining shareholders.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 29.9% of the 1591 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.24%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, NFJ was trading at $15.47 on NYSE in the Unknown sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $12.25 to $15.75. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.