BlackRock funds are ‘crushing shareholder rights,' says activist Boaz Weinstein
Publishing timestamp: 2024-05-17 13:28:20
Summary
Boaz Weinstein's Saba Capital is pushing for changes at 10 BlackRock closed-end funds that are trading at a steep discount to their net asset value and underperforming their peers. Saba wants to oust management at six of those funds, offer investors a chance to sell out at the true value of their shares, and make broader governance changes. The hedge fund is criticizing BlackRock's management and governance practices, seeking board control at three funds and minority slate at seven others. Saba is suing to change certain provisions that it believes are unfair to shareholders. If successful, Saba's proposed changes could lead to reduced fees and other governance fixes.
Sentiment: MIXED
Keywords: blackrock inc, breaking news: business, technology, business, jpmorgan drn, breaking news, breaking news: technology, activism, business news, mergers and acquisitions, saba,
Source: https://www.cnbc.com/2024/05/17/blackrock-boaz-weinstein-closed-end-funds.html