BlackRock Advisors, LLC (“BlackRock”) announced today that the Board of Trustees of BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) has approved a tender offer to repurchase 50% of BIGZ’s outstanding shares, and that the Board of Trustees of BlackRock Health Sciences Term Trust (NYSE: BMEZ) has approved a tender offer to repurchase 40% of BMEZ’s outstanding shares, in each case at a price per share equal to 99.5% of the applicable Fund’s net asset value per common share determined following the expiration of the tender offer (each, a “Tender Offer,” and each of BIGZ and BMEZ, a “Fund” and together, the “Funds”).
Each Tender Offer is being proposed pursuant to an agreement among the applicable Fund, BlackRock and Saba Capital Management, L.P. (“Saba”) (each, an “Agreement”) that will expire after each Fund’s 2027 proxy season. During the three-year effective period of each Agreement, Saba has agreed to (1) be bound by the terms of the Agreement, including certain customary standstill covenants, (2) withdraw the shareholder proposal previously submitted for consideration at the Fund’s 2025 annual meeting of shareholders, and (3) vote the Fund shares held by Saba on proposals submitted to shareholders in accordance with the recommendation of the Fund’s Board.
