Saba Capital, led by Boaz Weinstein, has vetoed the proposed merger between:
- Baillie Gifford US Growth Trust (USAB)
- Edinburgh Worldwide Investment Trust (EWIT)
Saba, holding 28% of USAB and 25% of EWIT, effectively derailed a deal that would have offered shareholders a cash exit of up to 40% and created a larger U.S.-focused investment vehicle under Baillie Gifford.
📌 Why it matters
This is the latest flashpoint in Saba’s broader campaign targeting UK investment trusts. Previous takeover bids were rejected by over 98% of other shareholders.
Saba argues the sector is underperforming, while the trusts call Saba’s campaign “self-serving.”
📊 What’s next?
EWIT said it will continue discussions to try to win Saba’s support.
USAB Chair Tom Burnet expressed “deep disappointment,” saying Saba is blocking an opportunity that would “materially improve outcomes for shareholders.”