The Central Europe, Russia and Turkey Fund, Inc. and The New Germany Fund, Inc. Announce Upcoming Tender Offers

Benzinga

The Central Europe, Russia and Turkey Fund, Inc. (NYSE:CEE) and The New Germany Fund, Inc. (NYSE:GF) (each, a Fund, and together, the Funds) announced today that in accordance with each Fund's Discount Management Program (the Program), the Board of Directors of each Fund has approved a cash tender offer for up to 5% of the Fund's issued and outstanding shares of common stock at a price equal to 98% of its net asset value (NAV) per share as determined by the Fund on the next business day after the date on which the offer expires. Each Fund normally calculates its NAV per share at 11:30 a.m. New York Time on each day during which the New York Stock Exchange is open for trading. If more than 5% of a Fund's outstanding shares are tendered in the offer and the Fund purchases shares in accordance with the terms of the tender offer, the Fund will purchase shares from tendering stockholders on a pro rata basis. Subject to the Board's exercise of its fiduciary duties, each Fund's tender offer will commence on or about July 31, 2013 and will remain open through August 28, 2013, unless extended. There can be no assurance that a Fund's tender offer will reduce the spread between the market price of the Fund's shares and its NAV per share.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Continue Reading Below