October 4 (SeeNews) - U.S.-based Turkish Investment Fund, which invests mainly in equity securities of Turkish firms, said its board of directors has approved a tender offer to acquire up to 10% of its own capital.
The offer price will be equal to 98.5% of the fund's asset value per share as of the close of regular trading on the new York Stock Exhcange on the business day after the offer expires, the fund said in a statement on Thursday.
You can subscribe to our M&A newsletter here
The tender offer will start on or about October 21.
The offer will not be conducted if the fund's share trade at premium, it added.