BlackRock, Weinstein Reach Truce in Spat on Closed-End Funds (1)

BlackRock Inc. stuck agreements with Boaz Weinstein’s Saba Capital Management that will end the activist-hedge fund’s battle with BlackRock over dozens of closed-end funds whose share prices had tumbled deeply below the value of their underlying assets.

As part of the deal, BlackRock agreed to repurchase a big chunk of the shares in two of its largest closed-end funds at a price close to their net asset values — 50% of outstanding shares in the $1.8 billion Innovation and Growth Term Trust (ticker BIGZ) and 40% of the $1.7 billion Health Sciences Term Trust (ticker BMEZ). ...