Activist investor Saba Capital Management Ltd. lost its bid for a federal court to block a closed-end fund’s brand new anti-takeover shareholder rights plan.
ASA Gold & Precious Metals Ltd.'s “poison pill” plan has no time overlap with the previous plan, Judge Jessica G.L. Clarke said in an opinion Tuesday for the US District Court for the Southern District of New York. Clarke distinguished the no-overlap plan from the one she invalidated March 28 for violating the Investment Company Act’s 120-day limit.
Clarke also declined to modify her earlier order to cover the new plan.
Saba, which has targeted the ...
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