Blue Owl Capital Corporation II announced that its board of directors unanimously recommended shareholders reject an unsolicited tender offer from Cox Capital Partners and Saba Capital Management for up to 8 million shares valued at approximately $30 million.

The offer represents less than 7% of OBDC II's outstanding shares and trades at a 33.2% discount to the company's net asset value, according to the press release. Cox and Saba are seeking to purchase shares for what the board characterized as significantly below fair value.

BofA Securities provided an opinion to the board concluding the offer price is inadequate from a financial point of view for OBDC II shareholders. The board consulted with management and financial advisors before reaching its decision.

OBDC II reported delivering a 9.1% annualized return since inception and has already implemented capital return measures for shareholders. The company expects to distribute payments equal to 50% or more of its net assets in 2026, including a 30% return of capital distribution scheduled for payment on or before March 31, 2026.

As of December 31, 2025, OBDC II held investments in 183 portfolio companies with an aggregate fair value of $1.6 billion. The business development company focuses on lending to U.S. middle-market companies and is externally managed by Blue Owl Credit Advisors LLC.

The board advised shareholders to reject the offer by simply not responding to any offer materials. Blue Owl Capital Inc. (NYSE: OWL) serves as the parent company of OBDC II's external manager.

Kirkland & Ellis and Eversheds Sutherland are providing legal counsel to Blue Owl and OBDC II, while BofA Securities acts as financial advisor in connection with the tender offer response.