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Third Point Investors commits to 25% tender offer after discount hits double-digits
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In a stock exchange notice on Tuesday (2 April), the £664m London-listed closed-ended fund, which invests directly in Daniel Loeb's flagship hedge fund, said the tender offer would be undertaken at a discount of 2% of net asset value. The tender offer was triggered due to the trust's average discount trading above 10% during the six-month period ended 31 March, as set out in a condition put in place by the board in April 2021. The board said shareholders will be entitled to tender in excess of their basic entitlement of 25% of ordinary shares held, but this will only be satisfied if...
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