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...
All information contained on or available through this Web Site (“the Content”) is for general information purposes only and does not constitute any investment advice.