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: 8.450
Low
18.00
Averages
21.13
High
28.00
Current: 8.450
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, GP Strategic Capital and Real Estate platforms on behalf of institutional and private wealth clients. Its product platforms include Credit, GP Strategic Capital and Real Estate. Its credit products offer private financing solutions primarily to upper-middle-market companies. Its credit products are offered through a mix of business development companies, long-dated private funds, managed accounts and collateralized loan obligations. It is focused on acquiring equity stakes in or providing debt financing to private capital firms. Its Real Estate products are focused on acquiring triple net lease real estate occupied by investment-grade or creditworthy tenants. Its Real Estate products are offered through Permanent Capital vehicles, including its real estate investment trusts, and long-dated private funds. It offers asset management services to the insurance industry.
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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- Advisory Support: Houlihan Lokey (HLI) is reported to have advised on the sale process, indicating the professionalism and complexity of the transaction, which may attract more investor attention to Blue Owl Capital's strategic moves.
- Market Reaction: Despite concerns regarding Blue Owl Capital's outlook, analysts believe this acquisition will help alleviate investor panic, potentially improving the company's reputation in the private credit sector.
- Liquidity Dynamics: In Q1, investors requested withdrawals of over $20 billion from private credit funds, and this investment initiative by Blue Owl Capital may attract more capital inflows, helping it maintain stability amid market turbulence.
See More
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- Investor Sentiment Shift: Jim Cramer highlights that investors often flee the market out of fear, yet many of their worries have not materialized, with stable interest rates serving as a key driver of the market rally.
- Tech Stock Comeback: Major tech stocks like Nvidia, Amazon, and Alphabet have rebounded strongly despite negative narratives about competitive threats and slowing growth, with Nvidia's share price rising from $165 on March 30 to $196.51, showcasing market resilience.
- Cautious Market Outlook: Cramer warns that the current rally may be overly optimistic in the short term, advising investors to remain disciplined and avoid being pushed out of the market by fear-driven narratives.
See More
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- Tech Stock Recovery: Cramer pointed out that despite ongoing negative narratives surrounding major tech stocks like Nvidia and Amazon, these stocks have rebounded sharply, with Nvidia's price rising from $165 on March 30 to $196.51, showcasing market resilience.
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- Equipment Acquisition Support: The initial funds will be utilized for acquiring a mobile mining fleet, including haul trucks, bulldozers, and excavators, which will operate under a multi-year contract at the GRP Pan Gold Mine in Nevada, thereby enhancing the company's operational capacity and market competitiveness.
- Flexible Capital Structure: The financing facility, structured and led by Wingspire's VP Conner Ingram, provides on-demand access to capital, ensuring that Turner Mining Group can respond swiftly to market demands without the need for new financing for each new contract awarded.
- Market Opportunity Capture: With active operations across multiple project sites from Texas to Arizona, Idaho to Nevada, the financing enables Turner Mining Group to invest in equipment, expand its operational reach, and quickly seize market opportunities, further solidifying its position as a trusted contract mining partner in the industry.
See More
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- Yield and Maturity: The investment-grade rated notes mature in 2028 and yield approximately 6.5%, with a spread of about 2.7 percentage points over similar-maturity Treasuries, reflecting market confidence and risk assessment regarding Blue Owl Capital.
- Use of Proceeds: According to SEC filings, the proceeds from the bond sale will be used to pay down certain existing indebtedness, a strategic move aimed at improving the company's financial position amid rising redemption requests and tightening financing conditions.
- Market Environment Challenges: Currently, Blue Owl and the broader private credit industry face increasing redemption requests and valuation scrutiny, with U.S. BDC spreads widening from 1.7 percentage points to approximately 2.25 percentage points, indicating growing market concerns about the sector.
See More
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- Geopolitical Risk Eases: The geopolitical uncertainties stemming from the Iran conflict led to an investor exodus from high-growth tech stocks, yet the market showed renewed confidence on Monday with the Nasdaq rising over 1%, indicating that the worst may be behind.
- Self-Sufficient Energy Supply: Bloom Energy's expanded partnership with Oracle for 2.8GW of fuel cell deployments marks a historic commitment, significantly enhancing the company's competitive edge in AI cloud infrastructure amid soaring energy demands from hyperscalers.
- Private Credit Fears Alleviated: Although Blue Owl Capital's credit outlook was downgraded to negative by Moody's, overall credit default rates remain manageable, suggesting that fears surrounding private credit may be overstated, thus restoring investor confidence.
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See More
