Adams Diversified Equity Fund Announces Final Tender Offer Results
Adams Diversified Equity Fund (NYSE: ADX) has announced the final results of its tender offer to purchase up to 12,405,174 common shares at $22.47 per share, which is 98% of the $22.93 net asset value per share as of August 2, 2024. The offer was oversubscribed, with a total of 41,882,825 shares validly tendered. Due to the oversubscription, ADX will purchase tendered shares on a pro rata basis, with a final proration factor of 29.6188420%. The Fund has accepted for payment all 12,405,174 common shares subject to the offer, and payment for accepted shares and return of unpurchased shares will occur promptly.
Il Adams Diversified Equity Fund (NYSE: ADX) ha annunciato i risultati finali della sua offerta pubblica per l'acquisto di fino a 12.405.174 azioni ordinarie a 22,47 dollari per azione, che corrisponde al 98% del valore netto dell'attivo per azione di 22,93 dollari al 2 agosto 2024. L'offerta è stata sovrascritta, con un totale di 41.882.825 azioni valide presentate. A causa della sovrascrittura, ADX acquisterà le azioni offerte su base proporzionale, con un fattore di ripartizione finale del 29,6188420%. Il Fondo ha accettato per il pagamento tutte le 12.405.174 azioni ordinarie oggetto dell'offerta, e il pagamento per le azioni accettate e il ritorno delle azioni non acquistate avverrà prontamente.
El Adams Diversified Equity Fund (NYSE: ADX) ha anunciado los resultados finales de su oferta pública para comprar hasta 12.405.174 acciones ordinarias a 22,47 dólares por acción, lo que representa el 98% del valor neto del activo por acción de 22,93 dólares al 2 de agosto de 2024. La oferta fue sobreecrita, con un total de 41.882.825 acciones válidamente presentadas. Debido a la sobreecrita, ADX comprará las acciones presentadas de manera proporcional, con un factor de prorrateo final del 29,6188420%. El Fondo ha aceptado para el pago todas las 12.405.174 acciones ordinarias objeto de la oferta, y el pago por las acciones aceptadas y la devolución de las acciones no compradas se llevará a cabo de inmediato.
애덤스 다이버시파이드 주식 펀드 (NYSE: ADX)는 2024년 8월 2일 기준 22.93달러의 순자산가치의 98%인 22.47달러에 12,405,174주의 보통주를 매입하기 위한 공개매수의 최종 결과를 발표했습니다. 이 공시는 초과 신청되었고, 총 41,882,825주가 유효하게 제출되었습니다. 초과 신청으로 인해 ADX는 제출된 주식을 비례 배분 방식으로 구매할 것이며, 최종 배당 비율은 29.6188420%입니다. 펀드는 제안의 대상이 된 12,405,174주의 보통주를 모두 결제하기로 수락했으며, 수락된 주식의 지급 및 매입되지 않은 주식의 반환은 즉시 이루어질 것입니다.
Le fonds Adams Diversified Equity Fund (NYSE: ADX) a annoncé les résultats définitifs de son offre publique d'achat pour acquérir jusqu'à 12 405 174 actions ordinaires à 22,47 $ par action, ce qui correspond à 98 % de la valeur nette d'actif par action de 22,93 $ au 2 août 2024. L'offre a été sursouscrite, avec un total de 41 882 825 actions valablement présentées. En raison de la sursouscription, ADX achètera les actions proposées sur une base proportionnelle, avec un facteur de prorata final de 29,6188420 %. Le fonds a accepté de payer toutes les 12 405 174 actions ordinaires faisant l'objet de l'offre, et le paiement pour les actions acceptées ainsi que le retour des actions non achetées se fera rapidement.
Der Adams Diversified Equity Fund (NYSE: ADX) hat die endgültigen Ergebnisse seines öffentlichen Angebots zur Übernahme von bis zu 12.405.174 Stammaktien zu einem Preis von 22,47 USD pro Aktie bekannt gegeben, was 98% des Nettoaktienwertes von 22,93 USD am 2. August 2024 entspricht. Das Angebot wurde überzeichnet, mit insgesamt 41.882.825 gültig eingereichten Aktien. Aufgrund der Überzeichnung wird ADX die angebotenen Aktien anteilig erwerben, wobei der endgültige Verteilungsschlüssel 29,6188420% beträgt. Der Fonds hat alle 12.405.174 Stammaktien, die dem Angebot unterliegen, zur Zahlung akzeptiert, und die Zahlung für akzeptierte Aktien sowie die Rückgabe der nicht gekauften Aktien erfolgt umgehend.
- Successful completion of tender offer
- Strong shareholder interest with oversubscription
- Purchase of shares at a 2% discount to NAV
- Potential reduction in total assets under management
- Shareholders unable to sell all tendered shares due to oversubscription
Insights
The tender offer results for Adams Diversified Equity Fund (ADX) reveal significant investor interest, with 41,882,825 shares tendered, far exceeding the 12,405,174 shares the fund offered to purchase. This
The repurchase price of
Investors should monitor how this capital return affects ADX's investment strategy and future performance. The high participation rate might signal shareholder concerns about the fund's prospects or a general desire for cash in the current market environment.
The overwhelming response to ADX's tender offer, with 3.38 times more shares tendered than accepted, signals a strong appetite for liquidity among closed-end fund investors. This could be indicative of broader market sentiment, possibly reflecting concerns about economic conditions or a desire to reallocate capital.
The
This event could influence other closed-end funds to consider similar actions, potentially leading to a wave of tender offers or share repurchase programs across the sector. Investors should watch for any shifts in ADX's trading patterns post-tender, as well as any changes in its investment strategy or expense ratio following this significant capital action.
BALTIMORE, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Adams Diversified Equity Fund, Inc. (NYSE: ADX) announced today the final results of its offer to purchase up to 12,405,174 of its common shares at
Based on the final count by Equiniti Trust Company, LLC (“EQ”), the depositary for the tender offer, a total of 41,882,825 common shares of ADX were validly tendered and not withdrawn. The total amount of shares tendered exceeded the Offer amount, and the Fund will purchase tendered shares on a pro rata basis, disregarding fractions. The proration factor for shares purchased pursuant to the Offer was announced earlier today as
In accordance with the terms and conditions of the Offer, ADX has accepted for payment all 12,405,174 common shares subject to the Offer.
Payment for the shares accepted for purchase under the Offer and return of all other shares tendered and not purchased will occur promptly.
EQ Fund Solutions, LLC is the information agent for the Offer. Shareholders with questions may call EQ Fund Solutions, LLC at (888) 886-4425.
About Adams Funds
Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying a minimum annual distribution rate of
For further information please contact: adamsfunds.com/about/contact or 800.638.2479
Statements in this press release that are not historical facts are “forward-looking statements” as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements. All forward-looking statements are as of the date of this release only; the Fund undertakes no obligation to update or review any forward-looking statements.
FAQ
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