Today I want to talk about something we don't touch on very often in these columns: an obscure (yet highly profitable) situation called a "tender offer." I know the name sounds a bit stiff. But if one comes along when you hold a closed-end fund (CEF)--particularly a CEF you bought when it was particularly oversold-- wow. You can find yourself sitting on a fast gain as well as a high dividend payout (as I write this, the average CEF yields around 9%). As we'll see in the case of one CEF below, a tender offer can take a fund purchased at an 11.5% discount and let the shareholder cash in a chunk of their holding at nearly full value.
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