Saba Capital calls for European Opportunities to increase size of tender offer

Tender offer for 50% shares outstanding

Activist investor Saba Capital has reaffirmed its opposition to the European Opportunities trust’s (EOT) continuation resolution set for next week, until the size of the proposed tender offer is increased.

Yesterday (6 November), the trust proposed plans to undertake a tender offer for up to 25% of its issued shared capital if the continuation vote at the annual general meeting on 15 November is passed. This is in addition to an earlier proposal to hold a tender offer for 25% of the trust's shares if it underperforms its benchmark over the next three years.  In a letter addressed to EOT chair Matthew Dobbs, Saba Capital partner and portfolio manager Paul Kazarian said the firm opposed both tender offer proposals, and urged shareholders to vote against continuation. Activist investor ...