Latest news with #NXC
Yahoo
4 days ago
- Business
- Yahoo
Nuveen Select Tax-Free Income Portfolios Announce Proposed Reorganizations and Shareholder Meeting Update
NEW YORK, June 17, 2025--(BUSINESS WIRE)--The Boards of Trustees of Nuveen California Select Tax-Free Income Portfolio (NYSE: NXC), Nuveen New York Select Tax-Free Income Portfolio (NYSE: NXN), and Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) have approved a proposal to reorganize the funds. The proposed reorganizations, if approved by shareholders, would combine NXC and NXN into NXP. The reorganizations are intended to create a larger fund with lower net operating expenses and increased trading volume on the exchange for common shares. The proposed reorganizations for the funds are subject to certain conditions, including necessary approval by the funds' shareholders. NXC, NXN, and NXP will each hold their respective 2025 Annual Meetings of Shareholders to consider approval of the reorganization proposal and to elect Board Members on November 14, 2025. Detailed information on the proposed reorganizations and the candidates for election to each funds' Board will be contained in proxy materials expected to be filed in the coming weeks. To be considered for presentation at the 2025 Annual Meeting of Shareholders for NXC, NXN, or NXP, shareholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be received at the offices of that fund, 333 West Wacker Drive, Chicago, Illinois 60606, no later than July 2, 2025. A shareholder wishing to provide notice in the manner prescribed by Rule 14a-4(c)(1) of a proposal submitted outside of the process of Rule 14a-8 for the funds' respective 2025 Annual Meetings of Shareholders must, pursuant to the funds' by-laws, submit such written notice to the fund no earlier than July 17, 2025 and no later than August 16, 2025. Timely submission of a proposal does not mean that such proposal will be included in a proxy statement. Nuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion in assets under management across 45 CEFs as of 31 Mar 2025. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs. About Nuveen Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 31 Mar 2025 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit Nuveen Securities, LLC, member FINRA and SIPC. The information contained on the Nuveen website is not a part of this press release. FORWARD-LOOKING STATEMENTS Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments; legal and regulatory developments; the ability to satisfy conditions to the proposed reorganizations; and other additional risks and uncertainties. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements. The annual and semi-annual reports and other regulatory filings of Nuveen closed-end funds with the Securities and Exchange Commission ("SEC") are accessible on the SEC's web site at and on Nuveen's web site at and may discuss the abovementioned or other factors that affect Nuveen closed-end funds. The information contained on the Nuveen website is not a part of this press release. IMPORTANT INFORMATION In connection with the reorganization proposal discussed herein, the funds expect to file with the SEC solicitation materials in the form of a proxy statement and/or a joint proxy statement/prospectus that will be included in a registration statement on Form N-14. After the registration statement is filed with the SEC, it may be amended or withdrawn and the proxy statement and/or joint proxy statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the solicitation materials and any other relevant documents when they become available because they will contain important information about the reorganization proposal. After they are filed, free copies of the solicitation materials will be available on the SEC's web site at This communication is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, the funds, Nuveen Fund Advisors and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the reorganization proposal discussed herein. Information about the directors/trustees and officers of the funds may be found in their respective annual reports previously filed with the SEC. Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Closed-end funds frequently trade at a discount to their net asset value. 4589858 View source version on Contacts For more information, please visit Nuveen's CEF homepage or contact: Financial Professionals:800-752-8700 Investors:800-257-8787 Media:media-inquiries@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
4 days ago
- Business
- Business Wire
Nuveen Select Tax-Free Income Portfolios Announce Proposed Reorganizations and Shareholder Meeting Update
NEW YORK--(BUSINESS WIRE)--The Boards of Trustees of Nuveen California Select Tax-Free Income Portfolio (NYSE: NXC), Nuveen New York Select Tax-Free Income Portfolio (NYSE: NXN), and Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) have approved a proposal to reorganize the funds. The proposed reorganizations, if approved by shareholders, would combine NXC and NXN into NXP. The reorganizations are intended to create a larger fund with lower net operating expenses and increased trading volume on the exchange for common shares. The proposed reorganizations for the funds are subject to certain conditions, including necessary approval by the funds' shareholders. NXC, NXN, and NXP will each hold their respective 2025 Annual Meetings of Shareholders to consider approval of the reorganization proposal and to elect Board Members on November 14, 2025. Detailed information on the proposed reorganizations and the candidates for election to each funds' Board will be contained in proxy materials expected to be filed in the coming weeks. To be considered for presentation at the 2025 Annual Meeting of Shareholders for NXC, NXN, or NXP, shareholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be received at the offices of that fund, 333 West Wacker Drive, Chicago, Illinois 60606, no later than July 2, 2025. A shareholder wishing to provide notice in the manner prescribed by Rule 14a-4(c)(1) of a proposal submitted outside of the process of Rule 14a-8 for the funds' respective 2025 Annual Meetings of Shareholders must, pursuant to the funds' by-laws, submit such written notice to the fund no earlier than July 17, 2025 and no later than August 16, 2025. Timely submission of a proposal does not mean that such proposal will be included in a proxy statement. Nuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion in assets under management across 45 CEFs as of 31 Mar 2025. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs. About Nuveen Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 31 Mar 2025 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit Nuveen Securities, LLC, member FINRA and SIPC. The information contained on the Nuveen website is not a part of this press release. FORWARD-LOOKING STATEMENTS Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments; legal and regulatory developments; the ability to satisfy conditions to the proposed reorganizations; and other additional risks and uncertainties. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements. The annual and semi-annual reports and other regulatory filings of Nuveen closed-end funds with the Securities and Exchange Commission ('SEC') are accessible on the SEC's web site at and on Nuveen's web site at and may discuss the abovementioned or other factors that affect Nuveen closed-end funds. The information contained on the Nuveen website is not a part of this press release. IMPORTANT INFORMATION In connection with the reorganization proposal discussed herein, the funds expect to file with the SEC solicitation materials in the form of a proxy statement and/or a joint proxy statement/prospectus that will be included in a registration statement on Form N-14. After the registration statement is filed with the SEC, it may be amended or withdrawn and the proxy statement and/or joint proxy statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the solicitation materials and any other relevant documents when they become available because they will contain important information about the reorganization proposal. After they are filed, free copies of the solicitation materials will be available on the SEC's web site at This communication is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, the funds, Nuveen Fund Advisors and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the reorganization proposal discussed herein. Information about the directors/trustees and officers of the funds may be found in their respective annual reports previously filed with the SEC. Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Closed-end funds frequently trade at a discount to their net asset value. 4589858
Yahoo
13-06-2025
- Business
- Yahoo
Tencent explores acquisition of Nexon to strengthen gaming portfolio
Tencent Holdings is reportedly exploring a potential acquisition of Nexon to bolster its gaming operations. The Chinese company has initiated discussions with the family of Nexon's late founder, Kim Jung-ju, regarding a possible deal, reported Bloomberg. Nexon, established in South Korea in 1994 and listed in Japan in 2011, is known for popular role-playing games such as MapleStory. Tencent and Nexon have previously collaborated on projects, including the co-development of Dungeon & Fighter, which has been a major source of revenue. The Kim family holds their stake in Nexon through NXC, which owned 44.4% of Nexon as of 30 June, according to Nexon's interim report. Kim's wife and daughters control approximately 67.6% of NXC. While the family is consulting advisers to evaluate their options, it remains unclear how open they are to selling their Nexon stake, and there is no guarantee that Tencent's discussions will lead to a transaction, the report said. This move follows Tencent's previous attempt to acquire Nexon in 2019 and coincides with other investments in South Korean assets. In late May 2025, a Tencent subsidiary agreed to purchase a nearly 10% stake in Seoul-based music producer SM Entertainment, aligning with the easing of an unofficial ban on K-pop in mainland China. In March, Tencent also committed €1.16bn ($1.3bn) for a 25% stake in a new Ubisoft unit holding intellectual property rights, including those for Assassin's Creed. In 2024, Tencent cancelled its mobile game based on Square Enix's Nier franchise after two years of development, citing monetisation challenges amid high costs and franchise rights issues. "Tencent explores acquisition of Nexon to strengthen gaming portfolio" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
13-06-2025
- Business
- Yahoo
Tencent's $15 Billion Power Play? Nexon Deal Talks Spark Investor Buzz
Tencent (TCEHY) may be plotting a fresh move to expand its gaming empire. According to people familiar with the matter, the Chinese tech giant has quietly approached the family of Nexon founder Kim Jung-ju to explore a possible deal for the South Korean gaming company. The talks are still at an early stage, and it's unclear whether the familywho holds a controlling stake via investment firm NXC even open to selling. After shelving a similar effort in 2019 due to pricing issues, Tencent appears to be testing the waters again, potentially hoping the fragmented ownership structure post-Kim's passing could shift the odds in its favor. Nexon has been gaining traction again this year. The company's shares are up over 10% in Tokyo, despite sitting nearly 30% below their 2021 highs. First-quarter net sales came in at 114 billion with net income of 26 billionrespectable figures for a legacy game studio that still draws millions through titles like MapleStory and Dungeon & Fighter, the latter co-developed with Tencent. Still, navigating a deal won't be simple. Kim's family handed part of its NXC stake to the Korean government to settle inheritance taxes in 2023, and also sold $478 million worth of treasury shares last August. That mix of government involvement and family dynamics adds multiple layers of complexity. Strategically, Tencent seems to be doubling down on South Korea. It recently took a nearly 10% stake in SM Entertainment, and has been expanding its gaming and entertainment footprint even as regulatory pressures in China linger. But with no structure finalized and no clear green light from NXC, investors should approach this with cautious interest. A successful acquisition could give Tencent deeper access to Nexon's IP and recurring revenue basebut it may also reignite the valuation tug-of-war that derailed talks last time. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
13-06-2025
- Business
- Korea Herald
Tencent seeks to buy stake in Nexon at $15b
Tencent is reportedly considering acquiring a stake in South Korean game giant Nexon at 20 trillion won ($15 billion), a move that would further solidify the Chinese tech giant's presence in the Korean cultural content market. According to Bloomberg, Tencent Holdings has reached out to the family of Nexon's late founder Kim Jung-ju to discuss the possibility of an acquisition. The report added that the size or structure of the deal is unclear. Both Tencent and Nexon have declined to respond to the report. Kim's wife and daughters own about 67.6 percent of the game giant's holding company NXC. Through NXC, they own a 44.4 percent stake in Nexon. Considering the stakes, the deal is estimated to be worth 20 trillion won. The other 30.64 percent stake in NXC is owned by the Korean government. Kim's relatives turned in the shares worth roughly 4.7 trillion won to the government to pay off an inheritance tax. The Finance Ministry has been trying to sell the stake through a tender offer but has failed on multiple occasions. Tencent has long shown interest in Nexon. In 2019, it was named as a potential bidder when NXC was put up for sale. It ultimately did not participate in the bidding. At the time, market big names including Kakao and Netmarble submitted bids, but the sale was eventually called off without a deal. Tencent has been pushing to tighten its grip on the Korean cultural content market through strategic equity investments, holding 34.76 percent stake in Shift Up, 13.71 percent of Krafton, and 17.52 percent in Netmarble, making it the second-largest shareholder in each. It is also the third-largest shareholder in Kakao Games with a 3.88 percent stake. In May, Tencent Music Entertainment, a subsidiary of the Chinese tech giant, acquired the entire 9.38 percent stake of K-pop powerhouse SM Entertainment held by Hybe, valued at approximately 200 billion won. The acquisition positioned Tencent as the second-largest effective shareholder of SM. With the talks of an acquisition deal brewing up, shares of Tokyo-listed Nexon surged as much as 10 percent shortly after the market started trading Friday. Seoul-listed Nexon Games saw a 10 percent surge in its share price as well.
