European Opportunities trust rejects shareholder call for 50% tender offer

From activist investor Saba Capital

European Opportunities trust (EOT) has opposed Saba Capital’s proposal to increase its latest tender offer from 25% to 50%.

The activist investor called on the trust earlier this week to increase the offer "to allow a significant portion of dissatisfied shareholders to exit". Saba Capital calls for European Opportunities to increase size of tender offer But in a stock exchange filing yesterday (7 November), EOT said the offer suggested by Saba "would not be in the best interest of the majority of shareholders" and reaffirmed its recommendation of a 25% tender offer. The offer is conditional on the passing of the trust's continuation vote at its annual general meeting on 15 November, and will be paid out...