Special Opportunities Fund Reaches Settlement With Delaware Enhanced Global Dividend and Income Fund
Special Opportunities Fund Reaches Settlement With Delaware Enhanced Global Dividend and Income Fund
Special Opportunities Fund, Inc. (NYSE: SPE) announced a standstill agreement with Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) regarding DEX's proposed reorganization into abrdn Global Dynamic Dividend Fund (NYSE: AGD).
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SADDLE BROOK, N.J.--(BUSINESS WIRE)--
Special Opportunities Fund, Inc. (NYSE: SPE) today announced that it has entered into a standstill agreement with Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) in connection with the proposed reorganization of DEX into abrdn Global Dynamic Dividend Fund (NYSE: AGD).
Among other things, the agreement provides for DEX to conduct a tender offer to purchase up to 30% of its issued and outstanding common shares contingent on shareholder approval of the proposed reorganization at a price equal to 98% of its net asset value per share.
Phillip Goldstein, Chairman of SPE and a managing partner of Bulldog Investors, LLP, SPE’s investment advisor, stated: “We think the contingent tender offer is fair to all shareholders of DEX and we urge them to vote in favor of the proposed reorganization.”
About Special Opportunities Fund, Inc. and Bulldog Investors, LLP:
Special Opportunities Fund, Inc. is an SEC-registered closed-end investment company. (www.specialopportunitiesfundinc.com) Bulldog Investors, LLP is an SEC-registered investment adviser that manages Special Opportunities Fund, and separately-managed accounts. (www.bulldoginvestors.com)
