BlackRock Wins Proxy Battle for Board Seats at Six Funds Against Saba Capital

Jun 28, 2024, 07:00 PM

BlackRock Inc. has declared victory in its months-long proxy battle against Boaz Weinstein’s Saba Capital Management. The conflict, which revolved around board seats at six of BlackRock's closed-end funds, saw shareholders vote to retain the asset manager's directors. Despite Saba's efforts to replace directors and fire the fund manager, they did not secure enough votes. The court rulings have indicated that the war between BlackRock and Saba will continue, but for now, BlackRock has successfully maintained its board positions. Data released by BlackRock on Tuesday confirmed the shareholder vote results.