The shares of Guggenheim Enhanced Equity Income Fund (NYSE: GPM) gained 9.69%, closing at $8.15, in aftermarket trading. In Tuesday’s regular session, GPM closed at $7.43, declining -1.07 points or -$0.18.
Throughout the day, GPM stock price fluctuated between $7.40 and $7.51. In the last 12 months, GPM shares have gained 40.72%, and they fell -0.54% in the last week. The GPM stock has increased by 31.50% in the last six months, and it has increased by 11.56% in the last three months as well. After the merger was announced, the GPM stock rose.
Merger news in brief:
With $245 billion in assets under management across fixed-income assets, equity assets, and alternative strategies, Guggenheim Investments is the global asset management and investment advisory arm of Guggenheim Partners, LLC. It uses several data sources, including corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, and wealth managers in order to evaluate return and risk requirements.
Guggenheim Investments announced yesterday that Guggenheim Enhanced Equity Income Fund (NYSE: GPM) will be merged with and into Guggenheim Strategic Opportunities Fund (NYSE: GOF). Both the GOF and GPM Boards of Trustees approved the merger.
In addition, there was also another merger through which Guggenheim Credit Allocation Fund (NYSE: GGM) will be merged with and into GOP. That merger was also approved by both the GOP and GGM boards of trustees.
Common shareholders stand to gain potential benefits from the proposed mergers. Once the merger is completed, GOF’s investment objectives, policies, and restrictions would remain in place.
Intentions going forward:
In particular, the mergers will expose Guggenheim Enhanced Equity (GPM) and GGM to the advantages offered by GOF, including economies of scale, greater secondary market liquidity, and enhanced company profitability.