From Seekingalpha · Stanford Chemist · · 40s
NFJ Tender Offer Results
Virtus Fund's tender offer for 25% of shares completes with 28.8m shares accepted at $15.92.
In brief
Virtus Fund's tender offer for 25% of shares completes with 28.8m shares accepted at $15.92. Virtus Dividend, Interest & Premium Strategy Fund accepted 23.24m shares at $15.92 in tender offer, 25% of outstanding shares. Originally reported by Seekingalpha.
Tender Offer Results
Virtus Dividend, Interest & Premium Strategy Fund accepted 23,241,811 shares, 25% of its outstanding shares, at $15.9192 (99% of NAV).
Tendered Shares
28,811,699 shares were tendered for a proration factor of 80.67%.
Share Tender Rate
Only about 31% of shares were tendered, far fewer than our 50% base case.
Investor Performance
A 1,000-share position bought on September 4 and fully tendered was up +2.02% after five weeks.
The essence
Virtus Dividend, Interest & Premium Strategy Fund accepted 23.24m shares at $15.92 in tender offer, 25% of outstanding shares.
