Boaz Weinstein's Saba Capital to exit ESCT via tender offer after mutual talks

Mutual ‘standstill agreement’ during proceedings

The European Smaller Companies trust (ESCT) has reached a deal with Saba Capital and put forward a tender offer to clients, allowing the US activist hedge fund to exit the strategy after months of discourse.

This is the latest update in the Saba-ESCT saga, which has seen the former call two requisitioned meetings for the trust. The Big Interview: Saba Capital's founder Boaz Weinstein says he's not going anywhere The first round of activism by Saba began back in December 2024, when it attempted to oust the company's board and replace them with its own appointees. This action was mirrored across six other trusts Saba was a major shareholder in, however it lost all seven rounds of voting. Saba then retargeted ESCT and three other trusts with a second motion, this time seeking to transi...