Blue Owl Capital II board unanimously recommends holders reject unsolicited minority offer from Cox, Saba

Blue Owl Capital Corporation II (OBDC II) announced that its board of directors has unanimously recommended shareholders reject an unsolicited minority tender offer from Cox Capital Partners and Saba Capital Management, L.P. The offer, which targets up to 8 million shares (approximately 6.9% of outstanding shares), values the shares at $3.80 per share—a 34.9% discount to net asset value (NAV) after accounting for an upcoming dividend. The board emphasized that accepting the offer would result in shareholders receiving significantly less than the current NAV of their investment and forgoing future returns of capital.

OBDC II has already initiated a series of capital return measures, including a special 30% return of capital distribution of $2.50 per share, payable by March 31, 2026, to shareholders of record as of March 24. Shareholders are projected to receive payments totaling 50% or more of the company's net assets in 2026, with additional quarterly distributions of 5% or more. The board also highlighted OBDC II's strong liquidity position, including $447 million in cash and undrawn debt capacity, and a conservative net debt-to-equity ratio of 0.52x.

The tender offer, which Saba and Cox described as a "liquidity solution" amid increased redemption demands in the business development company (BDC) sector, has not yet commenced. Shareholders are advised to review SEC filings for final terms. OBDC II remains focused on executing its investment strategy to maximize long-term value.

(https://www.prnewswire.com/news-releases/blue-owl-capital-corporation-ii-confirms-receipt-of-unsolicited-minority-tender-offer-from-cox-and-saba-at-discount-to-nav-302707103.html): PRNewswire, March 6, 2026
(https://finance.yahoo.com/news/hedge-fund-offers-buy-obdc-172657571.html): Yahoo Finance, March 6, 2026
(https://finance.yahoo.com/news/blue-owl-capital-corporation-ii-194100590.html): StockTitan, March 6, 2026
(https://www.stocktitan.net/news/OWL/blue-owl-capital-corporation-ii-confirms-receipt-of-unsolicited-03sgakgajjih.html): Board recommendation inferred from source titles (https://www.streetinsider.com/PRNewswire/BLUE+OWL+CAPITAL+CORPORATION+II+BOARD+UNANIMOUSLY+RECOMMENDS+SHAREHOLDERS+REJECT+UNSOLICITED+MINORITY+OFFER+FROM+COX+AND+SABA/26160374.html)(https://ng.investing.com/news/company-news/blue-owl-rejects-tender-offer-at-30-discount-to-nav-93CH-2380282).