Owners of several closed-end funds in recent weeks have received offers that look too bad to accept.

IG Holdings of Phoenix has offered shareholders less than market value for their shares as part of tender offers for a small stake in several closed-end funds, according to fund executives and closed-end fund observers. The offers appear to be part of a broader effort by IG to make below-market offers for publicly-traded companies, fund executives and observers said. These sources said they were unaware of similar, previous efforts by other companies.

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