Neuberger Berman Real Estate Securities Income Fund Tender Offer (6.4% Upside)

  • Company: Neuberger Berman Real Estate Securities Income Fund
  • Ticker: NRO
  • Market Cap: $300mm
  • Size of Action: $45mm
  • Type of Transaction: Tender Offer with Odd-Lot Provision
  • Current Price: $5.29
  • Tender Price: 98% of NAV ($5.75) = $5.63
  • Potential Gain (%): 6.4%
  • Expiration:  January 9th
  • Tender Limit (Shares): 99
  • Max Investment ($): $520 per account
  • Max Gain ($): $34 per account
  • Sec Filing: Link
  • Summary: NRO is buying 15% of its shares outstanding at 98% of NAV - which currently equates to $5.63 per share.
  • Source of Funds: Cash on hand and the Company may also sell portfolio securities
  • Odd Lot Provision:  ...the Fund will first purchase shares tendered by any Stockholder who owns, beneficially or of record, an aggregate of not more than 99 shares of Common Stock -- an “odd lot” -- and who tenders all such shares, and then purchase the remaining Offer Amount on a pro rata basis...
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