Reported Late Tuesday, Special Opportunities Fund Reaches Settlement With Delaware Enhanced Global Dividend And Income Fund; Agreement Allows DEX To Conduct A Tender Offer To Purchase Up To 30% Of Outstanding Shares, Contingent On Shareholder Approval

Author: Benzinga Newsdesk | December 07, 2022 01:55am

Special Opportunities Fund, Inc. (NYSE:SPE) today announced that it has entered into a standstill agreement with Delaware Enhanced Global Dividend and Income Fund (NYSE:DEX) in connection with the proposed reorganization of DEX into abrdn Global Dynamic Dividend Fund (NYSE:AGD).

Among other things, the agreement provides for DEX to conduct a tender offer to purchase up to 30% of its issued and outstanding common shares contingent on shareholder approval of the proposed reorganization at a price equal to 98% of its net asset value per share.

Phillip Goldstein, Chairman of SPE and a managing partner of Bulldog Investors, LLP, SPE's investment advisor, stated: "We think the contingent tender offer is fair to all shareholders of DEX and we urge them to vote in favor of the proposed reorganization."

Posted In: AGD DEX SPE