Western Asset Managed Muncipals Fund Inc. Announces Results of Special Meeting of Stockholders: Proposal to Merge is Approved

Rhea-AI Summary

Western Asset Managed Muncipals Fund Inc. (MMU) announces approval of merger with Western Asset Intermediate Muni Fund Inc. (SBI) and Western Asset Municipal Partners Fund Inc. (MNP). SBI and MNP adjourn their Special Meetings of Stockholders to permit further solicitation of proxies. The Mergers are adjourned to August 11, 2023. Stockholders of SBI and MNP will receive common stock of MMU if the Mergers are approved.

Positive

• Approval of merger between MMU, SBI, and MNP
• Stockholders of SBI and MNP will receive common stock of MMU

Negative

• None.

Western Asset Intermediate Muni Fund Inc and Western Asset Municipal Partners Fund Inc. Announce Adjournment of Special Meeting of Stockholders

NEW YORK--(BUSINESS WIRE)-- Western Asset Managed Muncipals Fund Inc. (NYSE: MMU) today announced the results of the votes cast at MMU’s Special Meeting of Stockholders held on July 14, 2023.

Stockholders of MMU voted to approve the merger of Western Asset Intermediate Muni Fund Inc. (NYSE: SBI) with and into MMU and to approve the merger of Western Asset Municipal Partners Fund Inc. (NYSE: MNP) with and into MMU in accordance with the Maryland General Corporation Law (each a “Merger” and collectively, the “Mergers”).

SBI and MNP each announced at SBI’s and MNP’s Special Meetings of Stockholders held on July 14, 2023 that the Special Meetings of Stockholders for each of SBI and MNP were being adjourned to permit further solicitation of proxies. The Special Meetings of Stockholders for each of SBI and MNP are adjourned to August 11, 2023 at 10:00 a.m. Eastern Time at the offices of Franklin Templeton at 280 Park Avenue, 7th Floor, New York, New York 10017.

Please remember that every vote is important. The Board of Directors of SBI and MNP urge any stockholders who have not voted to vote their proxies by entering their voting instructions at www.proxy-direct.com or by calling 1-800-337-3503 .

For any questions regarding the stockholder meetings or voting, please call Georgeson LLC, the proxy solicitor, at 1-888-867-6963.

If the Mergers are approved by the stockholders of SBI and MNP, stockholders of each will receive common stock of MMU.

MMU is a closed-end, non-diversified management investment company. SBI and MNP are non-diversified closed-end management investment companies. MMU, SBI and MNP are each managed by Legg Mason Partners Fund Advisor, LLC, (“LMPFA) and sub-advised by Western Asset Management Company, LLC (“Western Asset”). Both LMPFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc.

For more information, please call Investor Relations on 1-888-777-0102, or consult the Funds’ web sites 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 Western Asset

Western Asset is one of the world’s leading fixed-income managers with 50 years of experience and $402.1 billion in assets under management (AUM) as of March 31, 2023. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed-income sectors. Founded in 1971, Western Asset has been recognized for delivering superior levels of client service alongside its approach emphasizing team management and intensive proprietary research, supported by robust risk management. To learn more about Western Asset, please visit www.westernasset.com.

Western Asset is an independent specialist investment manager of Franklin Templeton.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 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 offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit www.franklintempleton.com.

Category: Fund Announcement

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20230717822378/en/

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

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

FAQ

What merger was approved by MMU's stockholders?

The merger of Western Asset Intermediate Muni Fund Inc. (SBI) and Western Asset Municipal Partners Fund Inc. (MNP) with and into Western Asset Managed Muncipals Fund Inc. (MMU) was approved by MMU's stockholders.

What happens if the Mergers are approved?

If the Mergers are approved, stockholders of SBI and MNP will receive common stock of MMU.

When are the adjourned Special Meetings of Stockholders for SBI and MNP?

The adjourned Special Meetings of Stockholders for SBI and MNP will take place on August 11, 2023.

Who manages MMU, SBI, and MNP?

MMU, SBI, and MNP are managed by Legg Mason Partners Fund Advisor, LLC and sub-advised by Western Asset Management Company, LLC, both subsidiaries of Franklin Resources, Inc.