I have some shares of stock symbol ZTR and received this notice: "Virtus Total Return Fund Inc. (NYSE: ZTR) has initiated a tender offer to acquire up to 10% of its outstanding shares at 98% of the Fund's net asset value."
What exactly does this mean as far as how much they are willing to give you for your stocks? I am confused about the 98%. Does that mean they will only give you 98% of what it is worth?
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