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Wednesday, July 21, 1999 Scudder New Europe Issue Finally Resolved After a federal court judge recently sided against closed-end fund arbitrageur Phillip Goldstein, who had sued the Scudder New Europe Fund and its investment manager Scudder Kemper Investments, the fund's shareholders voted today to convert the closed-end fund to an open-end investment company, a mutual fund. Scudder said that the conversion of Scudder New Europe to open-end status will occur on or about September 1, 1999.
A special meeting of Kemper Europe Fund stockholders also scheduled for today to approve the combination of Scudder New Europe with Kemper Europe was adjourned until July 27, 1999 to allow for additional solicitation of votes. A spokesperson for Scudder indicated that the votes taken so far had been in favor of the adoption of the proposal and it expected to receive the requisite number of votes by the meeting. Printed from: MFWire.com/story.asp?s=24401 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |