The Herzfeld Caribbean Basin Fund, Inc. Commences Tender Offer For Up To 10% Of Outstanding Common Shares
Portfolio Pulse from Benzinga Newsdesk
The Herzfeld Caribbean Basin Fund, Inc. (CUBA) has initiated a Tender Offer to purchase up to 10% of its outstanding shares at 97.5% of NAV. The offer, announced on February 9, 2024, and detailed in documents available on the SEC website and the Fund's site, aims to buy shares at a slight discount to their Net Asset Value as of March 19, 2024.
February 20, 2024 | 9:01 pm
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CUBA has announced a Tender Offer to repurchase up to 10% of its outstanding shares at 97.5% of NAV, aiming to provide liquidity to shareholders at a slight discount.
Tender offers typically signal a company's confidence in its own value, often leading to a positive market reaction. By offering to purchase shares at 97.5% of NAV, CUBA is providing liquidity to shareholders while potentially reducing the number of outstanding shares, which could lead to an increase in the value of remaining shares.
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