Edinburgh Worldwide plans to buy up to 100% shares amid Saba Capital pressure (updated)
10/03/2026 07:25
Adds background in paragraph 2, details in 4 March 10 (Reuters) - Edinburgh Worldwide Investment Trust EWI.L, under pressure from Boaz Weinstein's Saba Capital, said on Tuesday it plans to propose a tender offer for up to 100% of its shares. The move comes nearly two months after Edinburgh's shareholders rejected Saba's proposed resolutions to replace the board. The top shareholder's calls came after Edinburgh cut its stake in Elon Musk's SpaceX by about 35% in October. The tender offer revealed on Tuesday would give Edinburgh Worldwide investors the option of a major cash exit while still retaining exposure to potential future gains from its stake in SpaceX, the company said in a statement. Shareholders would get about 85% in cash upfront at close to net asset value, with the remaining 15% paid later based on SpaceX’s realised value, which the board expects could be crystallised within the next 12 months, Edinburgh Worldwide said. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Mrigank Dhaniwala) ((Shashwat.Awasthi@tr.com))