Western Asset High Income Opportunity Fund to merge with MHY, pending stockholder vote
The boards of Western Asset High Income Opportunity Fund (HIO) and Western Asset Managed High Income Fund (MHY) approved a proposal to merge MHY into HIO, subject to approval by stockholders of both funds. If approved, the merger is anticipated to occur during the second quarter of 2016, and MHY stockholders would receive HIO common stock based on each fund's net asset value per share.
- Merger proposal approved by each fund's board; requires approval by stockholders of both funds
- Anticipated completion: second quarter of 2016, if approved
- As of September 30, 2015, MHY had total assets of approximately $253 million and HIO approximately $464 million
- Boards cited identical investment objectives, economies of scale and enhanced market liquidity as reasons for the merger