Globenewswire·2026-03-06 17:22Core Viewpoint - Bulldog Investors, LLP, a significant shareholder of Monroe Capital Corporation, is urging the Board of Directors to reconsider the proposed merger with Horizon Technology Finance Corporation due to a decline in merger value for Monroe's shareholders [1][4]. Group 1: Merger Proposal Details - The merger was initially presented to Monroe shareholders as offering a 33% NAV premium based on a trading price of $6.21, with a NAV of $8.29 [2]. - Horizon's shares were trading at a 12% premium above its NAV at the time of the merger announcement, and shareholders were expected to receive shares valued at approximately $8.56, along with a monthly dividend of 11 cents [2]. Group 2: Recent Developments - The value of the merger consideration has significantly decreased, highlighted by Horizon's recent announcement of a 45% cut in its monthly dividend from 11 cents to 6 cents [3]. - Following this announcement, Horizon's share price dropped nearly 25%, and Monroe's shares fell similarly, closing at $4.50 [3]. Group 3: Shareholder Concerns - Phillip Goldstein from Bulldog Investors expressed that the merger, once seen as attractive, has deteriorated just before the special meeting to vote on it [4]. - With Monroe's latest NAV at $7.68, which is 70% above its current market price, Bulldog argues that the merger is not in the best interest of Monroe's shareholders unless terms are improved [4].