(Reuters) – U.S. hedge fund Saba Capital Management said on Thursday it would offer shareholders in Britain’s Herald Investment Trust a full cash exit equal to 99% of their net asset value, in a bid to win shareholder approval for a board overhaul.
Saba, founded and run by celebrity activist investor Boaz Weinstein, said last month it wanted to review the boards of seven UK investment funds over results it said ranged from “disappointing” to “catastrophic”.