Henderson European Focus tender offer oversubscribed by more than double

35.6% of shares tendered

Henderson European Focus trust’s (HEFT) tender offer received more than double the number of subscriptions set out by the programme.

In a stock exchange notice today (25 June), HEFT revealed a total of 75,848,229 shared were tendered, compared with the 31,915,217 shares accepted under the offer. The trust said the oversubscription "was not unexpected given the market backdrop" and the outcomes of recent tender offers and cash exits in the closed-ended sector. Henderson European trusts improve merger terms after unsolicited third-party bid However, under the programme, shareholders were entitled to tender up to 15% of their shares, with any excess shares tendered satisfied "on a pro rata basis, to the extent that...