Business
BLUE OWL CAPITAL CORPORATION II BOARD UNANIMOUSLY RECOMMENDS SHAREHOLDERS REJECT UNSOLICITED MINORITY OFFER FROM COX AND SABA
Blue Owl Capital Corporation II ("OBDC II") today announced that its Board of Directors (the "Board") has unanimously recommended that shareholders reject the unsolicited minority tender offer from Cox Capital Partners ("Cox") and Saba Capital Management, L.P. ("Saba") for up to 8,000,000 shares of OBDC II for approximately $30 million (less than 7% of the outstanding shares). We believe this is an attempt to capture value at the expense of OBDC II shareholders. The offering price represents a d
About this update from Blue Owl Capital Corporation
[{"type":"text","content":"Discounted Offer is Well Below OBDC II NAV and Ignores Significant Capital Return Already Underway","length":98,"tagName":"p","attribs":{}},{"type":"text","content":"NEW YORK, March 13, 2026 /PRNewswire/ -- Blue Owl Capital Corporation II ("OBDC II") today announced that its Board of Directors (the "Board") has unanimously recommended that shareholders reject the unsolicited minority tender offer from Cox Capital Partners ("Cox") and Saba Capital Management, L.P. ("Saba") for up to 8,000,000 shares of OBDC II for approximately $30 million (less than 7% of the outstanding shares). We believe this is an attempt to capture value at the expense of OBDC II shareholders. The offering price represents a discount of approximately 33.2% to net asset value ("NAV")1, which is well below what the Board believes to be the potential long-term value of OBDC II shares.","length":749,"tagName":"p"},{"type":"text","content":"The Board strongly recommends that shareholders REJECT Cox and Saba's unsolicited, minority tender offer and DO NOT tender their shares. To reject the offer, simply do not respond to any offer materials you may have received.","length":229,"tagName":"p"},{"type":"text","content":"In reaching its conclusion, the Board: (1) consulted with members of management and its financial and legal advisors; (2) reviewed the terms and conditions of the offer; and (3) considered other information related to the fund's historical financial performance, portfolio of assets and future opportunities.","length":312,"tagName":"p"},{"type":"text","content":"Why Shareholders Should Reject This Offer: ","length":42,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The offer price is at a significant discount to NAV. This is an attempt to exploit OBDC II shareholders by purchasing their shares at a 33.2%1 discount, well below the NAV of OBDC II shares. The Board and management have already stated that the Company has taken significant steps to return capital to shareholders at no discount to fair value.","length":344,"tagName":"p"}]},{"val":[{"type":"text","content":"Cox and Saba's offer price is inadequate, arbitrary and substantially undervalues OBDC II's assets and ongoing access to liquidity. The Board, amongst other things, evaluated the offer's signifi...