BlackRock (BLK) and Saba Capital Management reached agreements to end a dispute over closed-end funds, with two BlackRock funds repurchasing shares and Saba withdrawing its demands for management changes, Saba Capital said Tuesday.
Under the terms of the standstill agreements, Saba said BlackRock Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ) will conduct cash tender offers for 50% and 40%, respectively, of their outstanding shares at 99.5% of the funds' net asset value per share.
The two tender offers could generate about $1.6 billion to shareholders, Reuters said.
BlackRock Health is expected to begin its tender offer on March 21 while BlackRock Innovation will launch its tender offer on June 9, with both expiring on the 20th business day after launch, Saba said.
Besides withdrawing its shareholder proposals, Saba said it will tender all its shares of the funds and abide by standstill agreements for three years.
BlackRock did not immediately reply to MT Newswires request for comment.
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