{
  "id": 8206224,
  "title": "Saba rejected buyout offer, says Baillie Gifford",
  "url": "https://urgent.news/2026/09/18/saba-rejected-buyout-offer-says-baillie-gifford",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T08:15:14.000Z",
  "source": {
    "name": "Hedgeweek",
    "slug": "hedgeweek",
    "url": "https://www.hedgeweek.com/saba-rejected-buyout-offer-says-baillie-gifford/"
  },
  "original_language": "en",
  "account": "Saba Capital has declined an offer from Baillie Gifford US Growth Trust to sell its stake in the investment trust at close to net asset value, according to The Times. The New York-based hedge fund holds about 29% of Baillie Gifford US Growth and aims to install three nominees – Jason Chen, Thomas McGlade and James Waterlow – on the trust’s board. Saba has accused the trust's directors of prioritizing Baillie Gifford's interests over shareholders. Despite previously highlighting liquidity concerns, Saba chose not to participate in the tender offer. The trust is expected to argue that appointing Saba-backed directors would compromise board independence. This conflict is part of Saba's broader campaign targeting UK-listed investment trusts, where it has pushed for board changes to address discounts between share prices and asset values. Saba's campaign led to the removal of Edinburgh Worldwide Investment Trust's board in April, which also holds Baillie Gifford-managed assets. Baillie Gifford US Growth did not respond to the report, while Saba reportedly awaited a response.",
  "summary": "Saba Capital, rejected an offer from Baillie Gifford US Growth Trust that would have allowed Boaz Weinstein's (pictured) activist hedge fund to exit its investment at close to net asset value, according to a report by The Times.",
  "key_points": [
    "Baillie Gifford US Growth Trust offered to buy Saba's stake at near net asset value",
    "Saba declined the buyout, accusing trust directors of prioritizing Baillie Gifford's interests",
    "Saba's campaign targeted UK-listed investment trusts to remove boards and close discounts"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}