What are the specific terms and pricing details of the tender offer and how will they affect JEQ shareholders' value?

Tender‑offer terms

• Cash component: JEQ shareholders will receive US $0.95 in cash per Class A share (a ~5 % premium to the pre‑announcement closing price of US $0.90).
  
• Equity‑swap component: For every 2 JEQ shares tendered, shareholders will be issued 1 share of ABRDN Global Infrastructure Income Fund (ASGI) – an exchange ratio of 0.5 ASGI per JEQ. The ASGI shares are being priced at US $1.80 per share, which reflects a modest discount to ASGI’s recent 30‑day average (≈US $1.85).
  
• Maximum cash outlay: The tender is capped at US $120 million in cash, after which any remaining offers will be satisfied with the ASGI‑share exchange.
  
• Deadline: The tender period runs until 5 p.m. New York time on 30 September 2025; the reorganization is expected to close by mid‑November 2025.

Impact on JEQ shareholders’ value

The combined cash‑plus‑share offer delivers an effective value of roughly US $1.88 per JEQ share (US $0.95 cash + 0.5 × US $1.80). That translates into a ~9 % premium to JEQ’s current market price (US $1.71 on the day of the announcement). For shareholders who tender, the immediate premium locks in upside and removes exposure to JEQ’s equity‑price volatility. For those who remain un‑tendered, the fund will be converted into ASGI shares, so the residual value will be US $0.90‑1.00 per share (the cash‑less portion of the offer), which is still above the pre‑announcement level but below the full‑premium price.

Trading implications

• Short‑term: The premium and clear cash component will likely push JEQ’s price toward the US $1.88‑$1.90 range as the market prices in the tender premium. Expect upward pressure and modest volume spikes on the tender‑deadline day.
  
• Mid‑term (post‑reorg): After the reorganization, JEQ will cease to exist and shareholders will hold ASGI stock. The effective cost‑basis for the new ASGI position will be US $1.80 per share (the exchange price), so investors should assess whether the infrastructure‑income profile of ASGI justifies that valuation relative to its yield and growth prospects.
  
• Actionable tip: If you are price‑sensitive and want to lock in the premium, tender the maximum cash amount now (subject to the US $120 M cap). If you prefer exposure to the infrastructure sector and are comfortable with the ASGI valuation, consider tendering only the cash portion and retaining the equity swap, or simply hold JEQ and wait for the conversion—bearing in mind the residual JEQ value will be lower than the full‑premium price.