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BlackRock Announces Preliminary Results of Tender Offer for Shares

Strategic Insights

— 2 min read

BlackRock, a leading financial technology and investment firm, has announced the preliminary results of its tender offer for up to 2.5% of its outstanding common shares in four of its closed-end funds. The tender offer was conducted between April 16 and May 19, 2025, and was oversubscribed for each fund, resulting in a proration of shares to be purchased from each shareholder.

As the funds received more shares than they can purchase, the preliminary results show that the relative number of shares that will be purchased from each shareholder is expected to be prorated based on the number of shares properly tendered for the fund. The purchase price of properly tendered and accepted shares for each fund will be 98% of the fund's net asset value (NAV) as of the close of regular trading on the New York Stock Exchange on May 20, 2025.

The initial results are based on preliminary information and are subject to adjustment. The final results will be announced on or about May 20, 2025, including the pro-ration factor, if applicable. Shareholders may contact Georgeson LLC, the information agent, for questions regarding the tender offer.

Key Takeaways:

  • The tender offer was conducted for up to 2.5% of the outstanding common shares in four BlackRock closed-end funds.
  • The tender offer was oversubscribed for each fund, resulting in a proration of shares to be purchased from each shareholder.
  • The purchase price of properly tendered and accepted shares for each fund will be 98% of the fund's net asset value (NAV) as of the close of regular trading on the New York Stock Exchange on May 20, 2025.
  • The preliminary results are based on preliminary information and are subject to adjustment.
  • The final results will be announced on or about May 20, 2025, including the pro-ration factor, if applicable.
  • Shareholders may contact Georgeson LLC, the information agent, for questions regarding the tender offer.

Statistics:

  • Up to 2.5% of outstanding common shares were offered for repurchase in the tender offer.
  • Total shares tendered (preliminary results) for BlackRock Enhanced Global Dividend Trust were 12,288,978.
  • Total shares tendered (preliminary results) for BlackRock Resources & Commodities Strategy Trust were 14,138,859.
  • Purchase price for properly tendered and accepted shares will be 98% of the fund's NAV.

Sources:

  • BlackRock. "BlackRock Announces Preliminary Results of Tender Offer for Shares". Businesswire.com. May 19, 2025.
  • BlackRock. "About BlackRock". Blackrock.com.
  • U.S. Securities and Exchange Commission (SEC). "Schedule TO". Sec.gov.

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