{"id":452523,"date":"2021-03-08T08:03:37","date_gmt":"2021-03-08T13:03:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=452523"},"modified":"2021-03-08T08:03:37","modified_gmt":"2021-03-08T13:03:37","slug":"merger-of-duff-phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/merger-of-duff-phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed\/","title":{"rendered":"Merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. with DNP Select Income Fund Inc. Completed"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">CHICAGO<\/span>, <span class=\"xn-chron\">March 8, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0DNP Select Income Fund Inc. (NYSE: DNP) (the &#8220;Fund&#8221;) today announced that the merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) with and into DNP has been completed. The combined fund retains DNP&#8217;s name and ticker symbol, as well as DNP&#8217;s investment objectives, strategies and policies.\u00a0 This transaction was previously announced on <span class=\"xn-chron\">November 23<\/span>, 2020.\u00a0 DUC shareholders approved the merger on <span class=\"xn-chron\">February 22<\/span>, 2021.\u00a0 <\/p>\n<p>DUC shares ceased trading on the NYSE at the close of business on <span class=\"xn-chron\">Friday, March 5<\/span>, 2021.\u00a0 Prior to the opening of today&#8217;s trading session on the NYSE, each share of DUC common stock was converted into the number of shares of DNP common stock equal to the ratio of the net asset value (NAV) per share of DUC common stock to the NAV per share of DNP common stock at the close of business on the NYSE on <span class=\"xn-chron\">Friday, March 5<\/span>, 2021:\u00a0\u00a0 <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Fund<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>NAV<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">DUC<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$9.3098<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">DNP<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$8.8199<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>Based on these closing NAVs, DUC shareholders received 1.055545 shares of DNP common stock for each share of DUC common stock they held.\u00a0 DUC shareholders will receive cash in lieu of fractional shares of DNP common stock (unless the shares are held through a dividend reinvestment plan account that allows for fractional shares).<\/p>\n<p>\n        <b>About the Fund<\/b>\n      <\/p>\n<p>DNP Select Income Fund Inc. is a closed-end diversified investment management company advised by Duff &amp; Phelps Investment Management Co.\u00a0 The Fund&#8217;s primary investment objectives are current income and long-term growth of income. The Fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry. For more information, please visit <a href=\"http:\/\/www.dpimc.com\/dnp\" rel=\"nofollow\">www.dpimc.com\/dnp<\/a> or call (800) 864-0629.<\/p>\n<p>\n        <b>About the Investment Adviser<\/b>\n      <\/p>\n<p>Duff &amp; Phelps Investment Management Co. has more than 40 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs).\u00a0 For more information, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3089019-1&amp;h=2649917558&amp;u=http%3A%2F%2Fwww.dpimc.com%2F&amp;a=www.dpimc.com\" rel=\"nofollow noopener noreferrer\">www.dpimc.com<\/a>.<\/p>\n<p>Duff &amp; Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with approximately <span class=\"xn-money\">$132.2 billion<\/span> under management as of <span class=\"xn-chron\">December 31<\/span>, 2020.\u00a0 Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand.\u00a0 Additional information can be found at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3089019-1&amp;h=243883997&amp;u=http%3A%2F%2Fwww.virtus.com%2F&amp;a=www.virtus.com\" rel=\"nofollow noopener noreferrer\">www.virtus.com<\/a>.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL01479&amp;sd=2021-03-08\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/merger-of-duff--phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed-301242109.html\">http:\/\/www.prnewswire.com\/news-releases\/merger-of-duff&#8211;phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed-301242109.html<\/a><\/p>\n<p>SOURCE  DNP Select Income Fund Inc.; Duff &amp; Phelps Utility and Corporate Bond Trust Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CL01479&amp;Transmission_Id=202103080800PR_NEWS_USPR_____CL01479&amp;DateId=20210308\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire CHICAGO, March 8, 2021 \/PRNewswire\/ &#8212;\u00a0DNP Select Income Fund Inc. (NYSE: DNP) (the &#8220;Fund&#8221;) today announced that the merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) with and into DNP has been completed. The combined fund retains DNP&#8217;s name and ticker symbol, as well as DNP&#8217;s investment objectives, strategies and policies.\u00a0 This transaction was previously announced on November 23, 2020.\u00a0 DUC shareholders approved the merger on February 22, 2021.\u00a0 DUC shares ceased trading on the NYSE at the close of business on Friday, March 5, 2021.\u00a0 Prior to the opening of today&#8217;s trading session on the NYSE, each share of DUC common stock was converted into the number of shares of DNP common &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/merger-of-duff-phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. with DNP Select Income Fund Inc. Completed&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-452523","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. with DNP Select Income Fund Inc. Completed - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/merger-of-duff-phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. with DNP Select Income Fund Inc. Completed - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire CHICAGO, March 8, 2021 \/PRNewswire\/ &#8212;\u00a0DNP Select Income Fund Inc. (NYSE: DNP) (the &#8220;Fund&#8221;) today announced that the merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) with and into DNP has been completed. The combined fund retains DNP&#8217;s name and ticker symbol, as well as DNP&#8217;s investment objectives, strategies and policies.\u00a0 This transaction was previously announced on November 23, 2020.\u00a0 DUC shareholders approved the merger on February 22, 2021.\u00a0 DUC shares ceased trading on the NYSE at the close of business on Friday, March 5, 2021.\u00a0 Prior to the opening of today&#8217;s trading session on the NYSE, each share of DUC common stock was converted into the number of shares of DNP common &hellip; Continue reading &quot;Merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. with DNP Select Income Fund Inc. 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The combined fund retains DNP&#8217;s name and ticker symbol, as well as DNP&#8217;s investment objectives, strategies and policies.\u00a0 This transaction was previously announced on November 23, 2020.\u00a0 DUC shareholders approved the merger on February 22, 2021.\u00a0 DUC shares ceased trading on the NYSE at the close of business on Friday, March 5, 2021.\u00a0 Prior to the opening of today&#8217;s trading session on the NYSE, each share of DUC common stock was converted into the number of shares of DNP common &hellip; Continue reading \"Merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. with DNP Select Income Fund Inc. Completed\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/merger-of-duff-phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-08T13:03:37+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL01479&amp;sd=2021-03-08","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/merger-of-duff-phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/merger-of-duff-phelps-utility-and-corporate-bond-trust-inc-with-dnp-select-income-fund-inc-completed\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Merger of Duff &amp; Phelps Utility and Corporate Bond Trust Inc. with DNP Select Income Fund Inc. 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