would have to waive at least one condition to its purported tender offer in order to close.
The Fund urges its shareholders to support the Fund's incumbent directors by completing, signing and dating the WHITE proxy card they have received, and NOT to sign any GREEN or any other color proxy card they may receive from BIGP
In spite of the fact that liquidation of the Fund would result in the common shareholders receiving net asset value for their shares, BIGP
and Phil Goldstein continue to oppose the proposal.
The Petitioners are now trying to take advantage of a situation that BIGP
As previously announced, the price per Share, net to the seller in cash (subject to a $50 processing fee per Letter of Transmittal, applicable withholding taxes and any brokerage fees that may apply), without interest thereon, that BIGP
will pay for validly tendered Shares is equal to 93% of net asset value ("NAV") per Share determined as of the close of the regular trading session of the NYSE on the Expiration Date, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated October 30, 2007 (as supplemented and amended), and in the related Letter of Transmittal.
In light of the PBF Board of Trustees' opposition to the Offer, as well as the widening of the discount to NAV of the market price of the Shares since October 30, 2007, BIGP
has determined to amend the Offer by increasing the number of Shares it is offering to purchase and decreasing the percentage of NAV it is offering to pay for the Shares.
Shareholders of PBF will be able to obtain a free copy of the Offer to Purchase, related Letter of Transmittal and other Offer documents (when they become available) at a website maintained by BIGP
Phillip Goldstein, a principal of BIGP
commented: "We are pleased to reach a settlement that we believe is in the best interest of MGF's shareholders.
Therefore, the Board recommends that shareholders of the Fund reject the tender offer and not tender their shares to BIGP
Shareholders of MGF will be able to obtain a free copy of the Offer to Purchase, related Letter of Transmittal and other Offer documents (when they become available) at a website maintained by BIGP
believes that the purported limitation on ownership of record and beneficial interests in RHR's shares is illegal and unenforceable, and that BIGP
would ultimately win the lawsuit.
Bulldog Investors General Partnership ("BIGP
"), the largest shareholder of RMR Hospitality & Real Estate Fund ("RHR") (AMEX: RHR) today announced that RHR has sued BIGP
to enforce a purported ownership limitation on RHR's stock.