SPE - Act Fast If You Want To Take Advantage Of SPE Tender Offer

• Special Opportunities Fund's tender offer to buy shares at 97% of NAV (i.e. at a 3% discount) looks even better now that the price has fallen to a 7.5% discount.
• The difference of 4.5% represents an extra 72 cents per share above the market price.
• Obviously nothing is a sure thing and the market could always boost the price and eliminate the advantage to tendering.
• Activists who sponsor tender offers like this are hoping most investors will ignore them, thus increasing the benefit for the investors who do take advantage of them.
• This is an unusual case where the "activist" shareholder is also the fund manager, having taken the fund over about 13 years ago.

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