Shareholders of Blue Owl Capital Corporation (OBDC) who choose to participate in the tender offer initiated by Cox and Saba will receive a per-share consideration significantly lower than the current net asset value (NAV) of the investment company.

This offer shows a significant gap compared to the current market valuation, which may raise concerns among investors about the fairness of the transaction. Industry insiders analyze that such discounted acquisitions often occur in scenarios where the target company faces liquidity constraints or the controlling party seeks a quick exit. However, since most of Blue Owl Capital's assets are concentrated in alternative investment areas such as private credit, the net asset value assessment itself is relatively complex, which also provides room for the acquirer's pricing strategy.