The Taiwan Fund, Inc. Announces a New Conditional Tender Offer Policy
The Taiwan Fund (NYSE:TWN) announced a new conditional tender offer policy on Oct 20, 2025.
Under the Policy the Fund would conduct a tender offer to purchase up to 25% of outstanding shares at 98% of net asset value (NAV) if the Fund's NAV performance for the five‑year period ending Dec 31, 2030 exceeds the performance of its benchmark, the TAIEX Total Return Index. The Fund's current conditional offer policy expires on Dec 31, 2025. The Board stated the Policy aims to benefit stockholders either through outperformance versus the benchmark or by providing a source of liquidity via the tender offer.
Il Taiwan Fund (NYSE:TWN) ha annunciato una nuova politica di offerta condizionale il 20 ottobre 2025.
Sotto la politica, il fondo potrebbe avviare un'offerta pubblica di acquisto per acquistare fino al 25% delle azioni in circolazione a 98% del valore netto dell'attivo (NAV) se la performance NAV del fondo per il periodo quinquennale che termina il 31 dicembre 2030 supera quella del suo benchmark, l'indice di rendimento totale TAIEX. L'attuale politica di offerta condizionale del fondo scade il 31 dicembre 2025. Il Consiglio ha dichiarato che la politica mira a beneficiare gli azionisti sia tramite una performance superiore al benchmark sia fornendo una fonte di liquidità tramite l'offerta di acquisto.
El Taiwan Fund (NYSE:TWN) anunció una nueva política de oferta condicional el 20 de octubre de 2025.
Bajo la Política, el Fondo realizaría una oferta de adquisición para comprar hasta el 25% de las acciones en circulación a un 98% del valor liquidativo (NAV) si la rentabilidad del NAV del Fondo durante el periodo de cinco años que termina el 31 de diciembre de 2030 supera la de su índice de referencia, el TAIEX Total Return Index. La política de oferta condicional actual del Fondo vence el 31 de diciembre de 2025. La Junta declaró que la Política tiene como objetivo beneficiar a los accionistas ya sea superando al índice de referencia o proporcionando una fuente de liquidez a través de la oferta de compra.
타이완 펀드(TWN,NYSE)는 2025년 10월 20일 조건부 입찰 정책을 발표했습니다.
이 정책에 따라 펀드는 발행 주식의 최대 25%를 NAV의 98%으로 매입하는 입찰을 수행할 것이며, 2030년 12월 31일로 끝나는 5년 기간의 NAV 수익률이 벤치마크인 TAIEX 총수익지수의 수익률을 초과하는 경우에 한합니다. 펀드의 현재 조건부 제안 정책은 2025년 12월 31일에 만료됩니다. 이사회는 이 정책이 벤치마크를 초과하는 성과를 통해 또는 매입 제안을 통한 유동성 공급을 통해 주주들에게 이익을 제공하는 것을 목표로 한다고 밝혔습니다.
The Taiwan Fund (NYSE:TWN) a annoncé une nouvelle politique d'offre conditionnelle le 20 octobre 2025.
Sous la politique, le Fonds effectuerait une offre d'achat pour acquérir jusqu'à 25% des actions en circulation à 98% de la valeur liquidative (NAV), si la performance du NAV du Fonds pour la période de cinq ans se terminant le 31 décembre 2030 dépasse celle de son indice de référence, le TAIEX Total Return Index. La politique actuelle d'offre conditionnelle du Fonds expire le 31 décembre 2025. Le Conseil a déclaré que la politique vise à profiter aux actionnaires soit par une surperformance par rapport à l'indice, soit en fournissant une source de liquidité via l'offre d'achat.
The Taiwan Fund (NYSE:TWN) kündigte am 20. Oktober 2025 eine neue bedingte Offer Policy an.
Nach der Richtlinie würde der Fonds ein Kaufangebot durchführen, um bis zu 25% der ausstehenden Aktien zu einem NAV von 98% zu erwerben, falls die NAV-Performance des Fonds über den fünfjährigen Zeitraum bis zum 31. Dezember 2030 die Leistung seines Benchmark, dem TAIEX Total Return Index, übertrifft. Die aktuelle bedingte Angebotsrichtlinie des Fonds läuft am 31. Dezember 2025 ab. Der Vorstand erklärte, dass die Richtlinie darauf abzielt, den Aktionären entweder durch eine Überperformance gegenüber dem Benchmark oder durch Bereitstellung von Liquidität via dem Rückkaufangebot zu profitieren.
صندوق تايوان (NYSE:TWN) أعلن عن سياسة جديدة لعرض شراء مشروط في 20 أكتوبر 2025.
بموجب السياسة، سيجري الصندوق عرض شراء لشراء حتى 25% من الأسهم القائمة بسعر 98% من صافي قيمة الأصول (NAV) إذا تفوق أداء NAV للصندوق خلال فترة الخمس سنوات المنتهية في 31 ديسمبر 2030 على أداء مرجعه، مؤشر TAIEX Total Return. السياسة الحالية للعرض الشرطي للصندوق تنتهي في 31 ديسمبر 2025. صرّحت المجلس بأن السياسة تهدف إلى فائدة المساهمين إما من خلال الأداء المتفوق على المؤشر أو من خلال توفير مصدر سيولة عبر عرض الشراء.
台湾基金（NYSE:TWN） 于 2025 年 10 月 20 日宣布了一项新的 有条件的要约政策。
根据该政策，若基金在截至 2030 年 12 月 31 日的五年期 NAV 业绩超过基准 TAIEX 总回报指数 的表现，基金将发起一项要约购买最多 25% 的在外流通股，价格为 NAV 的 98%。基金当前的有条件要约政策于 2025 年 12 月 31 日 到期。董事会表示，该政策旨在通过超越基准的业绩为股东带来利益，或通过要约提供流动性来源。
- Tender offer up to 25% of outstanding shares
- Tender price set at 98% of NAV
- Provides a defined liquidity mechanism for shareholders
- Tender triggers tied to five‑year performance ending Dec 31, 2030
- Potential reduction of outstanding shares by up to 25%
- Shareholders selling would receive 98% of NAV (below full NAV)
Under the Policy, the Fund would conduct a tender offer to purchase up to
The Board believes that adopting the Policy, following the expiration of the current conditional offer policy, is in the best interests of stockholders. Stockholders will benefit either from the Fund outperforming the benchmark or from a tender offer that will provide stockholders with a source of liquidity.
The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol "TWN."
For additional information on the Fund, including information on the Fund's holdings, visit the Fund's website at www.thetaiwanfund.com or call 1-877-217-9502.
CONTACT:
Brian F. Link, Secretary
877-217-9502
www.thetaiwanfund.com
View original content:https://www.prnewswire.com/news-releases/the-taiwan-fund-inc-announces-a-new-conditional-tender-offer-policy-302589043.html
SOURCE The Taiwan Fund, Inc.
FAQ
What does the Oct 20, 2025 policy change mean for TWN shareholders?
When does the current TWN conditional offer policy expire?
What performance period triggers the new TWN tender offer?
How much of TWN can be repurchased under the new policy and at what price?
How does the new TWN policy affect liquidity for investors?
Where can investors find more information about TWN holdings or contact the Fund?
