Marlton Partners Comments on 180 Degree Capital Corp. and Mount Logan Capital Inc. Business Combination
180 Degree Capital Corp. (NASDAQ: TURN) has completed its business combination with Mount Logan Capital Inc. under revised terms that deliver 110% of Net Asset Value (NAV) to TURN shareholders. Marlton Partners, owning 5.8% of TURN's stock, expressed satisfaction with the revised deal terms, which include a 60-day tender offer for partial liquidity.
The improved terms came after pressure from Marlton on management since the deal's January announcement. Since Marlton's director nominations in December 2024, TURN's share price has increased by 35.5%, outperforming both the S&P 500 (8.8%) and Russell 2000 (2.78%).
180 Degree Capital Corp. (NASDAQ: TURN) ha completato la fusione con Mount Logan Capital Inc. secondo termini rivisti che offrono agli azionisti di TURN il 110% del NAV. Marlton Partners, che detiene il 5,8% delle azioni TURN, ha espresso soddisfazione per i termini rivisti, che includono una offerta pubblica di acquisto a 60 giorni per una liquidità parziale.
I termini migliorati sono arrivati dopo pressioni da Marlton sulla direzione dall'annuncio dell'accordo a gennaio 2024. Dall'inizio della nomina dei direttori di Marlton nel dicembre 2024, il prezzo delle azioni di TURN è aumentato del 35,5%, superando sia lo S&P 500 (8,8%) sia il Russell 2000 (2,78%).
180 Degree Capital Corp. (NASDAQ: TURN) ha completado su operación de negocio con Mount Logan Capital Inc. bajo términos revisados que entregan a los accionistas de TURN el 110% del NAV. Marlton Partners, que posee el 5,8% de las acciones de TURN, expresó satisfacción con los términos revisados, que incluyen una oferta pública de adquisición a 60 días para liquidez parcial.
Los términos mejorados siguieron a la presión de Marlton sobre la dirección desde el anuncio del acuerdo en enero de 2024. Desde las nominaciones de los directores de Marlton en diciembre de 2024, el precio de las acciones de TURN ha aumentado un 35,5%, superando al S&P 500 (8,8%) y al Russell 2000 (2,78%).
180 Degree Capital Corp. (NASDAQ: TURN)이 Mount Logan Capital Inc.와의 사업 결합을 수정된 조건으로 마무리하여 TURN 주주에게 NAV의 110%를 제공합니다. TURN 주식의 5.8%를 보유한 Marlton Partners는 부분 유동성을 위한 60일 단기 매수 공고를 포함한 수정된 조건에 대해 만족을 표시했습니다.
향상된 조건은 2024년 1월 발표 이후 Marlton이 경영진에 제기한 압력에 따른 것입니다. 2024년 12월 Marlton의 이사 선임 이후 TURN의 주가가 35.5% 상승했으며, S&P 500(8.8%)과 Russell 2000(2.78%)을 상회했습니다.
180 Degree Capital Corp. (NASDAQ: TURN) a finalisé sa fusion avec Mount Logan Capital Inc. selon des conditions révisées qui offrent aux actionnaires de TURN 110% de la NAV. Marlton Partners, détenant 5,8% des actions de TURN, s’est déclaré satisfait des conditions révisées, qui incluent une offre publique d’achat à 60 jours pour une liquidité partielle.
Les meilleures conditions sont intervenues après des pressions de Marlton sur la direction depuis l’annonce de l’accord en janvier 2024. Depuis les nominations d’administrateurs de Marlton en décembre 2024, le cours de TURN a augmenté de 35,5%, dépassant le S&P 500 (8,8%) et le Russell 2000 (2,78%).
180 Degree Capital Corp. (NASDAQ: TURN) hat seine Transaktion mit Mount Logan Capital Inc. gemäß überarbeiteten Bedingungen abgeschlossen, die TURN-Aktionären 110% des NAV gewähren. Marlton Partners, die 5,8% der TURN-Aaktien halten, äußerten sich zufrieden mit den überarbeiteten Bedingungen, zu denen eine 60-tägige Tender-Offer für eine teilweise Liquidität gehört.
Die verbesserten Konditionen ergaben sich nach Druck von Marlton auf das Management seit der Ankündigung der Vereinbarung im Januar 2024. Seit Marltons Nominierungen für das Verwaltungsrat im Dezember 2024 ist der TURN-Aktienkurs um 35,5% gestiegen und übertrifft damit sowohl den S&P 500 (8,8%) als auch den Russell 2000 (2,78%).
180 Degree Capital Corp. (NASDAQ: TURN) أكملت اندماجها مع Mount Logan Capital Inc. وفق شروط معدّلة تتيح لحملة TURN 110% من صافي قيمة الأصول (NAV). أبدت Marlton Partners، التي تملك 5.8% من أسهم TURN، رضاها عن الشروط المعدلة، والتي تشمل عرض شراء نقدي لمدة 60 يوماً من أجل سيولة جزئية.
جاءت الشروط المحسّنة بعد ضغوط من Marlton على الإدارة منذ الإعلان عن الصفقة في يناير 2024. منذ ترشيحات Marlton لأعضاء مجلس الإدارة في ديسمبر 2024، ارتفع سعر سهم TURN بنحو 35.5% متفوقاً على S&P 500 (8.8%) وRussell 2000 (2.78%).
180 Degree Capital Corp.（NASDAQ: TURN） 已按修订条款完成与 Mount Logan Capital Inc. 的并购，向 TURN 股东提供 NAV 的 110%。持有 TURN 5.8% 股份的 Marlton Partners 对修订后的条款表示满意，其中包括一项为期 60 天的要约收购以实现部分流动性。
改善的条款是在 Marlton 自 2024 年 1 月宣布交易以来对管理层施压后出台的。自 Marlton 在 2024 年 12 月提名董事以来，TURN 的股价上涨了 35.5%，超越标普 500 指数的 8.8% 与罗素 2000 的 2.78%。
- Deal terms revised to deliver 110% of NAV to shareholders
- Inclusion of 60-day tender offer providing near-term partial liquidity
- Stock price increased 35.5% since Marlton's involvement, outperforming major indices
- Successfully negotiated premium to NAV for shareholders
- Tender offer only provides partial liquidity to shareholders
- Future liquidity opportunities beyond minimum requirements remain uncertain
Revised Terms Delivering
"Marlton has strong conviction in the significant value embedded in closed-end vehicles such as TURN. The revised terms of this transaction – which were driven by Marlton's pressure on management and deliver
We are gratified that Mount Logan recognized the importance of delivering a premium to NAV, a point we have emphasized since the deal's announcement in January. We are also pleased that the revised terms include a 60-day tender offer, which provides TURN shareholders with a defined, near-term path to realize partial liquidity.
Throughout this process, Marlton's focus has been on ensuring that all TURN shareholders realize the full value of their investment. We expect the combined Mount Logan Board and management to provide timely, predictable, and equitable liquidity opportunities that go beyond the minimum requirements."
Since Marlton nominated directors on December 17, 2024, TURN's share price has increased by
About Marlton Partners L.P.
Marlton Partners L.P. is a
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SOURCE Marlton Partners L.P.
FAQ
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