Henderson European trusts improve merger terms after unsolicited third-party bid

Cash exit offer increased to 15%

Valeria Martinez
clock • 2 min read

The Henderson EuroTrust (HNE) and Henderson European Focus (HEFT) trusts have agreed on improved terms for their proposed merger after receiving an unsolicited third-party bid for HNE.

In a stock exchange notice on Tuesday evening (14 May), HNE said it had re-engaged with HEFT and its manager, Janus Henderson Investors, after considering the alternative proposal to "optimise outcomes" for shareholders.  One major improvement was an increase in the cash exit offered to HNE shareholders from the original 5% of issued share capital to 15% for each trust.  Other revisions included a further reduction to the new management fee, with the second tier slightly reduced from the initially proposed 50bps to 47.5bps, and a further discount control mechanism in addition to the 2...

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