Merger of Morgan Stanley Income Securities Inc. into a Morgan Stanley Open-End Mutual Fund

Olshan client Karpus Investment Management (together with certain affiliates, “Karpus”) has entered into an agreement with Morgan Stanley Investment Management Inc. (“MSIM”). Under the agreement, MSIM agreed to use its best efforts to cause Morgan Stanley Income Securities Inc. (“ICB”) to recommend to ICB’s stockholders the approval of a proposal whereby ICB would merge with and into an existing Morgan Stanley advised open-end mutual fund with similar investment objectives to ICB.

ICB announced that it had approved an Agreement and Plan of Reorganization by and between ICB and Morgan Stanley Institutional Fund Trust, on behalf of its series Corporate Bond Portfloio (“MSIFT Corporate Bond”), pursuant to which substantially all of the assets and liabilities of the ICB would be transferred to MSIFT Corporate Bond and stockholders of ICB would become stockholders of MSIFT Corporate Bond.. Pursuant to the agreement, the parties agreed to certain other customary terms and Karpus has agreed to certain customary standstill provisions until the termination of the agreement.

Adam Finerman (picture) and Timothy Knox represent Karpus in connection with its investment in ICB.

Involved fees earner: Adam Finerman – Olshan Frome Wolosky LLP; Timothy Knox – Olshan Frome Wolosky LLP;

Law Firms: Olshan Frome Wolosky LLP;

Clients: Karpus Management Inc.;


Author: Ambrogio Visconti