Blue Owl Board Encourages Shareholders to Decline Minority Proposal from Cox and Saba
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 13 2026
0mins
Source: stocktwits
Board's Recommendation: Blue Owl Capital Corporation II's Board of Directors has unanimously recommended that shareholders reject an unsolicited minority tender offer from Cox Capital Partners and Sabra Capital Management for up to 8 million shares at approximately $30 million, citing a significant discount to the company's estimated long-term asset value.
Valuation Concerns: The Board believes the tender offer undervalues the company's assets and ongoing access to liquidity, representing a discount of about 33.2% to the net asset value, which is below their assessment of the potential long-term value of the shares.
Consultation Process: In reaching its conclusion, the Board consulted with management and its financial and legal advisors, reviewing the terms and conditions of the offer and considering the fund's historical financial performance and future opportunities.
Market Reaction: Retail sentiment around Blue Owl has been low, with shares falling 41.5% so far in 2026, reflecting a negative market response to the tender offer and overall company performance.
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Analyst Views on OWL
Wall Street analysts forecast OWL stock price to rise
15 Analyst Rating
12 Buy
3 Hold
0 Sell
Strong Buy
Current: 9.040
Low
18.00
Averages
21.13
High
28.00
Current: 9.040
Low
18.00
Averages
21.13
High
28.00
About OWL
Blue Owl Capital Inc. is an alternative asset management company. The Company deploys private capital across Credit, Real Assets and GP Strategic Capital platforms on behalf of institutional and private wealth clients. Its product platforms include Credit, Real Assets and GP Strategic Capital. Its credit products offer direct lending, alternative credit, investment grade credit, liquid credit, and other. Its Real Estate products are net lease, real estate credit, and digital infrastructure. Its Real Estate products are offered through permanent capital vehicles, including its non-traded real estate investment trusts, and long-dated private funds. Its GP Strategic Capital includes GP minority stakes, GP debt financing, and professional sport minority stakes. The GP debt financing focuses on originating and making collateralized, long-term debt investments, preferred equity investments and structured investments in private capital managers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strategic Partnership: Through its strategic partnership with the NBA, HomeCourt is the only pre-approved institutional investor allowed to purchase equity stakes in all 30 NBA teams, providing diversified investment opportunities and enhancing investor access to the market.
- Portfolio Expansion: This investment represents the sixth NBA franchise that the HomeCourt fund has invested in since its inception, with previous investments including the Minnesota Timberwolves, Charlotte Hornets, Atlanta Hawks, Sacramento Kings, and Phoenix Suns, demonstrating its continued expansion in the sports investment sector.
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See More
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- Strategic Partnership: Through its strategic partnership with the NBA, HomeCourt is the only pre-approved institutional investor allowed to purchase equity stakes in all 30 NBA teams, thereby providing investors with diversified access and enhancing market liquidity.
- Cultural and Community Impact: Cavaliers CEO Nic Barlage emphasized that the partnership with Blue Owl will strengthen the team's competitive position and deepen its community impact, indicating that sports investments focus not only on financial returns but also on social responsibility and cultural development.
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See More
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- Redemption Caps: The firm capped quarterly redemptions at 5% in key private credit funds despite multi-billion dollar withdrawal requests, demonstrating its liquidity management capabilities aimed at avoiding forced loan sales and protecting investor interests.
- Acquisition Completion: Blue Owl completed the acquisition of Sila Realty Trust, adding healthcare-focused net lease assets, which, alongside the redemption caps, highlights the company's strategy to expand its asset base even under liquidity pressures.
- Future Financial Projections: Blue Owl projects $3.6 billion in revenue and $1.0 billion in earnings by 2029, requiring a 7.3% annual revenue growth and an earnings increase of approximately $0.9 billion, reflecting the tension between long-term growth potential and current market challenges.
See More
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See More
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- Redemption Requests: Blue Owl Credit Income (OCIC) saw redemption requests for 18.8% of outstanding shares in Q2, down from 21.9% in the previous quarter, suggesting a recovery in investor confidence towards the fund.
- Technology Income Fund Redemptions: Blue Owl Technology Income (OTIC) experienced redemption requests for 38.1% of outstanding shares, a decrease from 40.4% last quarter, reflecting a gradual acceptance of its investment strategy by the market.
- Pro-Rata Redemption Fulfillment: Both funds are set to fulfill 5% of redemption requests on a pro-rata basis, demonstrating Blue Owl Capital's commitment to maintaining investor trust and liquidity despite facing redemption pressures.
See More
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- Acquisition Completed: Blue Owl Capital has successfully acquired Sila Realty Trust, which focuses on net lease real estate investments in the healthcare sector, marking a significant expansion of Blue Owl's core net lease strategy and enhancing its competitive position in the healthcare real estate market.
- Shareholder Support: At the special meeting held on June 26, 2026, over 98% of votes were cast in favor of the merger agreement, demonstrating strong shareholder confidence in the transaction, which will result in Sila's common stock being delisted from the New York Stock Exchange.
- Cash Premium: Sila's shareholders will receive $30.38 per share in cash, representing approximately a 19% premium over the closing price on April 17, 2026, which not only provides substantial returns to shareholders but also reflects Blue Owl's commitment to high-quality assets.
- Long-term Value Creation: This transaction will allow Sila's portfolio to benefit from Blue Owl's institutional scale and investment expertise, which is expected to create long-term value for investors and the communities served, further solidifying Blue Owl's market position in essential real estate sectors.
See More
