{"id":802566,"date":"2025-01-21T08:07:07","date_gmt":"2025-01-21T13:07:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/blackrock-announces-board-approval-of-new-tender-offers-for-blackrock-innovation-and-growth-term-trust-bigz-and-blackrock-health-sciences-term-trust-bmez\/"},"modified":"2025-01-21T08:07:07","modified_gmt":"2025-01-21T13:07:07","slug":"blackrock-announces-board-approval-of-new-tender-offers-for-blackrock-innovation-and-growth-term-trust-bigz-and-blackrock-health-sciences-term-trust-bmez","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/blackrock-announces-board-approval-of-new-tender-offers-for-blackrock-innovation-and-growth-term-trust-bigz-and-blackrock-health-sciences-term-trust-bmez\/","title":{"rendered":"BlackRock Announces Board Approval of New Tender Offers for BlackRock Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ)"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>BlackRock Announces Board Approval of New Tender Offers for BlackRock Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ)<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nBlackRock Advisors, LLC (\u201cBlackRock\u201d) 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\u2019s 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\u2019s outstanding shares, in each case at a price per share equal to 99.5% of the applicable Fund\u2019s net asset value per common share determined following the expiration of the tender offer (each, a \u201cTender Offer,\u201d and each of BIGZ and BMEZ, a \u201cFund\u201d and together, the \u201cFunds\u201d).<\/p>\n<p>\nEach Tender Offer is being proposed pursuant to an agreement among the applicable Fund, BlackRock and Saba Capital Management, L.P. (\u201cSaba\u201d) (each, an \u201cAgreement\u201d) that will expire after each Fund\u2019s 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\u2019s 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\u2019s Board.<\/p>\n<p>\nIn connection with the approval of the applicable Tender Offer, each Board has approved (i) the cancellation of the applicable Fund\u2019s tender offer for the quarterly measurement period ended December 31, 2024, which was announced on January 2, 2025, and (ii) the termination of the applicable Fund\u2019s previously announced discount management program, effective immediately.<\/p>\n<p><b>IMPORTANT NOTICE<\/b><\/p>\n<p>\nThis press release is for informational purposes only and shall not constitute an offer or a solicitation to buy any common shares. Any offer to purchase Fund common shares will be made pursuant to an offer on Schedule TO. COMMON SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS, INCLUDING THE OFFER TO PURCHASE AND ANY SOLICITATION\/RECOMMENDATION STATEMENT REGARDING THE TENDER OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY ARE FILED AND BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common shareholders may obtain a free copy of any of these statements and other documents filed with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) at the website maintained by the SEC at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54183706&amp;newsitemid=20250121404696&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=6b98feebae3fe4ce48899c0e57089bde\">www.sec.gov<\/a> or by directing such requests to the applicable Fund.<\/p>\n<p><b>About BlackRock<\/b><\/p>\n<p>\nBlackRock\u2019s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.blackrock.com%2Fcorporate&amp;esheet=54183706&amp;newsitemid=20250121404696&amp;lan=en-US&amp;anchor=www.blackrock.com%2Fcorporate&amp;index=2&amp;md5=75fa778c442d3adf9a0f8478eef8729b\">www.blackrock.com\/corporate<\/a><\/p>\n<p><b>Availability of Fund Updates<\/b><\/p>\n<p>\nBlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the \u201cClosed-end Funds\u201d section of <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.blackrock.com&amp;esheet=54183706&amp;newsitemid=20250121404696&amp;lan=en-US&amp;anchor=www.blackrock.com&amp;index=3&amp;md5=f7d1747216102483871c654540a7582c\">www.blackrock.com<\/a> as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock\u2019s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock\u2019s website in this release.<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds or BlackRock\u2019s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as \u201ctrend,\u201d \u201cpotential,\u201d \u201copportunity,\u201d \u201cpipeline,\u201d \u201cbelieve,\u201d \u201ccomfortable,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201ccurrent,\u201d \u201cintention,\u201d \u201cestimate,\u201d \u201cposition,\u201d \u201cassume,\u201d \u201coutlook,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cmaintain,\u201d \u201csustain,\u201d \u201cseek,\u201d \u201cachieve,\u201d and similar expressions, or future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmay\u201d or similar expressions.<\/p>\n<p>\nBlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.<\/p>\n<p>\nWith respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or a Fund\u2019s net asset value; (2) the relative and absolute investment performance of the Funds and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and\/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock\u2019s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.<\/p>\n<p>\nAnnual and Semi-Annual Reports and other regulatory filings of the Funds with the SEC are accessible on the SEC&#8217;s website at <b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54183706&amp;newsitemid=20250121404696&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=4&amp;md5=ef0f3d2ab9c8aad70b2ca0e0cdc55d58\">www.sec.gov<\/a><\/b>and on BlackRock\u2019s website at <b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.blackrock.com&amp;esheet=54183706&amp;newsitemid=20250121404696&amp;lan=en-US&amp;anchor=www.blackrock.com&amp;index=5&amp;md5=03b4c88c6280e28717927b4d21b01318\">www.blackrock.com<\/a><\/b>, and may discuss these or other factors that affect the Funds. The information contained on BlackRock\u2019s website is not a part of this press release.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250121404696r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250121404696\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250121404696\/en\/<\/a><\/span><\/p>\n<p><b>1-800-882-0052<\/b><\/p>\n<p><b>KEYWORDS:<\/b> New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250121404696\/en\/2080851\/3\/BLK_eng_black_rgb.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>BlackRock Announces Board Approval of New Tender Offers for BlackRock Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ) NEW YORK&#8211;(BUSINESS WIRE)&#8211; BlackRock Advisors, LLC (\u201cBlackRock\u201d) 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\u2019s 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\u2019s outstanding shares, in each case at a price per share equal to 99.5% of the applicable Fund\u2019s net asset value per common share determined following the expiration of the tender offer (each, a \u201cTender Offer,\u201d and each of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/blackrock-announces-board-approval-of-new-tender-offers-for-blackrock-innovation-and-growth-term-trust-bigz-and-blackrock-health-sciences-term-trust-bmez\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BlackRock Announces Board Approval of New Tender Offers for BlackRock Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ)&#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-802566","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ) NEW YORK&#8211;(BUSINESS WIRE)&#8211; BlackRock Advisors, LLC (\u201cBlackRock\u201d) 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\u2019s 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\u2019s outstanding shares, in each case at a price per share equal to 99.5% of the applicable Fund\u2019s net asset value per common share determined following the expiration of the tender offer (each, a \u201cTender Offer,\u201d and each of &hellip; Continue reading &quot;BlackRock Announces Board Approval of New Tender Offers for BlackRock Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ)&quot;\" \/>\n<meta property=\"og:url\" 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Term Trust (BMEZ) NEW YORK&#8211;(BUSINESS WIRE)&#8211; BlackRock Advisors, LLC (\u201cBlackRock\u201d) 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\u2019s 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\u2019s outstanding shares, in each case at a price per share equal to 99.5% of the applicable Fund\u2019s net asset value per common share determined following the expiration of the tender offer (each, a \u201cTender Offer,\u201d and each of &hellip; Continue reading \"BlackRock Announces Board Approval of New Tender Offers for BlackRock Innovation and Growth Term Trust (BIGZ) and BlackRock Health Sciences Term Trust (BMEZ)\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/blackrock-announces-board-approval-of-new-tender-offers-for-blackrock-innovation-and-growth-term-trust-bigz-and-blackrock-health-sciences-term-trust-bmez\/","og_site_name":"Market Newsdesk","article_published_time":"2025-01-21T13:07:07+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250121404696r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 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