Saba Capital Reaches Agreement with Royce Global Value Trust, Inc. to Tender 50% of its Shares

Rhea-AI Summary

Saba Capital Management has announced an agreement with Royce Global Value Trust (NYSE: RGT) to amend its tender offer. This revised offer aims to purchase up to 50% of the Fund's outstanding shares at a price equal to 100% of the net asset value per share, expiring at 11:59 p.m. NYC time on December 21, 2020. Investors whose shares are accepted will receive cash in exchange. This strategic move is part of Saba's management approach, focusing on enhancing shareholder value.

Positive

• Revised tender offer allows RGT to buy back up to 50% of outstanding shares.
• Cash offer reflects 100% of the Fund's net asset value per share, potentially increasing share value.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Royce Global Value Trust, Inc. (NYSE: RGT) (the “Fund”).

Under the terms of the agreement, the Fund shall amend the terms of its Tender Offer Statement on Schedule TO filed on October 28, 2020 to reflect a revised tender offer to purchase for cash up to 50% of its outstanding common shares at a price per Share equal to 100% of the Fund’s net asset value per Share with an expiration date of 11:59 p.m., New York City time on December 21, 2020 (the “Revised Tender Offer”). The Fund will repurchase shares tendered and accepted in the Revised Tender Offer in exchange for cash.

About Saba Capital

Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge and Closed-End Funds.