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StocksMedium•17 April 2026•

1 min read

Saba Capital Reaches Agreement with Virtus Fund for 25% Share Tender Offer

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Key Facts

1Saba Capital entered into a standstill agreement with Virtus Investment Advisers and the NFJ Fund.

Saba Capital Management has entered into a standstill agreement with Virtus Investment Advisers and the Virtus Dividend, Interest & Premium Strategy Fund (NFJ). As part of the settlement, the Fund will commence a cash self-tender offer to purchase up to 25% of its outstanding common shares at 98% of the net asset value (NAV). This initiative is specifically designed to narrow the persistent trading discount of the Fund's shares relative to its NAV. The agreement follows activist pressure from Saba Capital aimed at enhancing shareholder value and providing immediate liquidity options. Market analysts expect the tender offer to drive the share price upward as it converges toward the offer price. This move marks a significant victory for activist investing strategies within the closed-end fund sector.