IN BRIEF: Saba pleased as European Smaller Cos Trust sets tender offer
European Smaller Cos Trust PLC - managed by Janus Henderson, invests in smaller European firms for capital growth - Calls general meeting for May 7 to approve a tender offer for up to 42.5% of its shares. European Smaller Cos has a market capitalisation of GBP721.5 million, so the tender offer is worth just over GBP300 million. Transaction costs, excluding portfolio realisation costs and stamp duty, will be up to GBP690,000. The plan to buy back shares follows "constructive negotiations" between the trust's board and Saba Capital Management LP. The US activistic investor enters a standstill agreement with European Smaller Cos as a result of the tender offer. Saba will tender 115.4 million shares that it owns in European Smaller Cos, worth about GBP211.4 million. Read More