Marlton Partners ‘concerned’ about 180 Degree Capital merger plan

Marlton Partners, beneficial owners of approximately 4.6% of the outstanding stock of 180 Degree Capital (TURN), issued a statement expressing its concern about 180’s definitive merger agreement with Mount Logan Capital and the the board of directors’ failure to engage with Source Capital (SOR) regarding its January 24 merger proposal, stating in part: “As we await review of the Preliminary Proxy, we are deeply concerned by TURN’s definitive merger agreement with Mount Logan… Further, the Board’s cavalier rejection of the potentially superior January 24, 2025 merger proposal from Source Capital – which valued TURN at 101% of NAV – without ever engaging in a single discussion with Source, brings into question the process and motivations of the Board. If the Board were truly focused on maximizing shareholder value, it would have engaged with Source to meaningfully evaluate its proposal as a credible potential suitor. The refusal to even speak with Source raises questions about whose interests are truly being served in this process… We remain confident in the value of TURN, but are disappointed and seriously concerned about how the Board is approaching its duties to its shareholders. TURN’s future should not be dictated by a transaction that offers investors no choice for NAV while also stripping away critical 1940 Act protections.”