BlackRock is set to merge two of its investment trusts, Throgmorton Trust and BlackRock Smaller Companies Trust (BRSC), to form a combined £780m entity, after receiving support from activist investor Saba Capital Management.
Saba holds an 18% stake in Throgmorton and 10% in BRSC and has agreed to vote in favour of the merger, taking a cash exit as part of the transaction. Shareholders will be offered a 38% cash exit in Throgmorton Trust and a 28% cash exit in the Smaller Companies Trust.
James W...
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