IGA - Why 'Activists' Hope Ordinary Shareholders Won't Understand 'Tender Offers'

• I recently wrote two articles about "tender offers" for my Inside the Income Factory members, explaining how "activists" hope ordinary shareholders will ignore them and fail to participate.
• We saw a good example of this in the recent Voya Global Advantage & Premium Opportunity Fund tender offer, where scarcely more than 25% of shareholders participated.
• The activists and other investors savvy enough to read the fine print and participate made out well as the fund paid them 64 cents more than each share's market price.
• The overwhelming majority of shareholders sat it out, missing out on a "sweetheart deal" while subsidizing their fund's cost of $1,164,752, plus all the legal fees, etc.
• Whether what the activists do is right or wrong, we can protect our investments by educating ourselves and aligning our interests with those who seem to be driving these deals.

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