Baillie Gifford US Growth Trust — Proposed merger with Edinburgh Worldwide IT

The board of Baillie Gifford US Growth Trust (USA) has announced it has been in active discussions regarding a transformational merger with Edinburgh Worldwide Investment Trust (EWI) that would lead to a continuation and refinement of the current strategy and also provide a material cash exit. Saba Capital Management, who is a 29% shareholder in EWI, does not support the transaction. Saba’s holding is large enough for the company to block the deal. Nevertheless, USA’s board believes that a merger with EWI would be in the interests of all shareholders and would like to consult with shareholders more broadly on their views.