Boaz versus BlackRock: the fight over closed-end funds
Saba founder says he never planned to be an activist investor. Now he’s battling BlackRock – again
In the spring of 2019, Boaz Weinstein’s Saba Capital bought sizeable stakes in two BlackRock bond funds and nominated board candidates for both ahead of their annual meetings. Saba was pressing BlackRock to tender shares in the funds, both of which were trading at a deep discount to net asset value. A tender at NAV would allow the hedge fund to cash out with a return in the region of 14%.
After
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