Source Capital Proposes Merger With 180 Degree Capital Corp; Proposes That TURN Merge Into Source In An All-Stock Transaction Valuing Turn At 101% Of Net Asset Value Per Share
Benzinga Newsdesk 1 year ago
M&A
Source Capital (NYSE:SOR), a closed-end fund ("Source"), is interested in discussing a potential merger with 180 Degree Capital Corp. (NASDAQ:TURN) ("TURN"). First Pacific Advisors, LP ("FPA"), is the adviser to Source
Source Capital (NYSE:SOR), a closed-end fund ("Source"), is interested in discussing a potential merger with 180 Degree Capital Corp. (NASDAQ:TURN) ("TURN"). First Pacific Advisors, LP ("FPA"), is the adviser to Source and is a registered investment adviser. FPA currently manages $27 billion, which includes $350 million1 related to its management of Source. FPA has a long history of investment excellence - of the 150 largest mutual fund families in the United States, Morningstar recently ranked FPA #2 in terms of "Average Morningstar Rating."2
We propose that TURN merge into Source in an all-stock transaction valuing TURN at 101% of net asset value per share ("NAV").3