Saba reportedly exits ESCT after early May tender offer

115 million shares in-specie consideration

US hedge fund activist Saba Capital appears to have exited Janus Henderson’s European Smaller Companies trust (ESCT) following the results of a tender offer.

Shareholders at a general meeting on 7 May approved the bid of over 166 million shares, of which 115 million were validly tendered under the in-specie consideration option. ESCT clients approve Saba tender offer with lower turnout than requisition vote According to Stifel analysts Iain Scouller and William Crighton, the 115 million shares is the "number owned by Saba", with the in-specie tender option suggesting "a full exit by the hedge fund". "On this assumption, only 18% of non-Saba held shares were tendered and so all things considered, this is a good result for the fund, ...