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ClearBridge Midstream Funds Announce Merger Timing Update

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ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) have announced an updated timeline for their merger. The mergers are now expected to be effective before markets open on or about Monday, September 9, 2024, subject to regulatory requirements and closing conditions.

This new date was chosen for operational efficiency. The mergers, previously approved by each Fund's Board of Directors on January 26, 2024, received stockholder approval on May 20, 2024. All three funds are non-diversified, closed-end management investment companies managed by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) e ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) hanno annunciato una tempistica aggiornata per la loro fusione. Le fusione sono ora previste per entrare in vigore prima dell'apertura dei mercati, intorno a lunedì 9 settembre 2024, soggette a requisiti normativi e condizioni di chiusura.

Questa nuova data è stata scelta per garantire un'efficienza operativa. Le fusioni, precedentemente approvate dal Consiglio di Amministrazione di ciascun Fondo il 26 gennaio 2024, hanno ricevuto l'approvazione degli azionisti il 20 maggio 2024. Tutti e tre i fondi sono aziende di investimento a gestione chiusa non diversificate, gestite da Franklin Templeton Fund Adviser e subordinate a ClearBridge Investments, entrambe sussidiarie indirette di Franklin Resources, Inc.

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) y ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) han anunciado un cronograma actualizado para su fusión. Las fusiones ahora se espera que entren en vigor antes de la apertura de los mercados, aproximadamente el lunes 9 de septiembre de 2024, sujeto a requisitos regulatorios y condiciones de cierre.

Esta nueva fecha fue elegida por razones de eficiencia operativa. Las fusiones, previamente aprobadas por la Junta Directiva de cada Fondo el 26 de enero de 2024, recibieron la aprobación de los accionistas el 20 de mayo de 2024. Los tres fondos son compañías de inversión gestionadas a cierre no diversificadas, administradas por Franklin Templeton Fund Adviser y asesoradas por ClearBridge Investments, ambas subsidiarias indirectas de Franklin Resources, Inc.

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) 및 ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR)는 합병을 위한 업데이트된 일정을 발표했습니다. 합병은 2024년 9월 9일 월요일에 시장이 열리기 전에 효력이 발생할 것으로 예상됩니다, 규제 요구사항 및 종료 조건에 따라 달라집니다.

이 새로운 날짜는 운영 효율성을 위해 선택되었습니다. 합병은 2024년 1월 26일에 각 펀드의 이사회에 의해 사전 승인되었고, 2024년 5월 20일에 주주 승인도 받았습니다. 이 세 펀드는 Franklin Templeton Fund Adviser가 관리하고 ClearBridge Investments가 자문하는 비다양화 폐쇄형 관리 투자 회사입니다. 두 회사 모두 Franklin Resources, Inc.의 간접 자회사입니다.

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) et ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) ont annoncé un calendrier mis à jour pour leur fusion. Les fusions devraient désormais entrer en vigueur avant l'ouverture des marchés, aux alentours du lundi 9 septembre 2024, sous réserve des exigences réglementaires et des conditions de clôture.

Cette nouvelle date a été choisie pour garantir une efficacité opérationnelle. Les fusions, auparavant approuvées par le conseil d'administration de chaque fonds le 26 janvier 2024, ont reçu l'approbation des actionnaires le 20 mai 2024. Les trois fonds sont des sociétés de gestion de placements fermées non diversifiées, gérées par Franklin Templeton Fund Adviser et conseillées par ClearBridge Investments, toutes deux des filiales indirectes de Franklin Resources, Inc.

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) und ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) haben einen aktualisierten Zeitplan für ihre Fusion angekündigt. Die Fusionen sollen nun voraussichtlich vor Börsenöffnung am Montag, den 9. September 2024, wirksam werden, vorbehaltlich der regulatorischen Anforderungen und Abschlussbedingungen.

Dieses neue Datum wurde aus operativer Effizienz gewählt. Die Fusionen wurden zuvor am 26. Januar 2024 von dem Vorstand jedes Fonds genehmigt und erhielten am 20. Mai 2024 die Zustimmung der Aktionäre. Alle drei Fonds sind nicht diversifizierte, geschlossene Investmentgesellschaften, die von Franklin Templeton Fund Adviser verwaltet und von ClearBridge Investments beraten werden, beides indirekte Tochtergesellschaften von Franklin Resources, Inc.

Positive
  • Merger consolidation may lead to operational efficiencies
  • Stockholder approval already obtained for the mergers
Negative
  • Potential integration challenges during the merger process
  • Possible short-term market uncertainty due to the merger

NEW YORK--(BUSINESS WIRE)-- ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) (individually, a “Fund” and collectively, the “Funds”) today announced updated timing for the mergers of CEM and CTR with and into EMO (the “Mergers” or each, a “Merger”).

Currently, it is anticipated that the Mergers will be effective before markets open on or about Monday, September 9, 2024, subject to all regulatory requirements and customary closing conditions being satisfied.

As previously announced on January 26, 2024, each Fund’s Board of Directors approved the Mergers. On May 20, 2024, EMO, CEM and CTR announced stockholder approval of each Merger. More recently, the Funds determined that a closing date of September 9, 2024 would be more efficient from an operational perspective.

Each of EMO, CEM and CTR is a non-diversified, closed-end management investment company managed by Franklin Templeton Fund Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) (“FTFA”), and subadvised by ClearBridge Investments, LLC (“ClearBridge”). FTFA and ClearBridge are both indirect wholly-owned subsidiaries of Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton.

For more information, please call Investor Relations on 1-888-777-0102, or consult each Fund’s website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of each Fund’s complete audited financial statements are available free of charge upon request.

THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH FUND’S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES IS CONTAINED IN EACH FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.6 trillion in assets under management as of July 31, 2024. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

Category: Fund Announcement

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

Investor Contact: Fund Investor Services 1-888-777-0102



Media Contact: Lisa Tibbitts

+1 (904) 942-4451

Lisa.Tibbitts@franklintempleton.com

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

When is the expected effective date for the ClearBridge funds merger involving EMO?

The mergers are expected to be effective before markets open on or about Monday, September 9, 2024, subject to regulatory requirements and closing conditions.

Which ClearBridge funds are involved in the merger with EMO?

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) will merge with and into ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO).

Have shareholders approved the ClearBridge funds merger involving EMO?

Yes, stockholders approved the mergers on May 20, 2024.

Who manages the ClearBridge funds involved in the merger with EMO?

The funds are managed by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.

ClearBridge MLP and Midstream Total Return Fund Inc.

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