M&A - BNY MELLON MUNICIPAL FUNDS, INC.
Form Type: 497
Filing Date: 2025-04-14
Corporate Action: Merger
Type: New
Accession Number: 000206159025000050
Filing Summary: BNY Mellon Municipal Income, Inc. is proposing a merger with BNY Mellon AMT-Free Municipal Bond Fund in a tax-free reorganization. Fund stockholders will receive Class A shares of the Acquiring Fund in exchange for their current shares. The reorganization is intended to allow stockholders to better monetize their investments at net asset value. After approval, the Fund's shares will cease trading on June 18, 2025, with the merger occurring on June 20, 2025. The plan includes the dissolution of the Fund and a shift in management fees to benefit shareholders. The Acquiring Fund's shares have performed better in some time frames and offer lower management fees, alongside the ability to redeem shares without sales charges. The Boards of both funds have unanimously recommended the reorganization, believing it to be in the best interest of stockholders.
Additional details:
Agreement And Plan: Agreement and Plan of Reorganization
Form Type: N-14
Filing Date: 2025-03-10
Corporate Action: Merger
Type: New
Accession Number: 000113743925000179
Filing Summary: The document outlines a proposal for the reorganization of BNY Mellon Municipal Income, Inc. with BNY Mellon AMT-Free Municipal Bond Fund. Shareholders are being asked to vote on this merger, which will allow the transfer of all assets from the Fund to the Acquiring Fund in exchange for Class A shares of the Acquiring Fund. This reorganization is aimed at providing shareholders the opportunity to monetize their shares at close to net asset value. The Funds' Boards of Directors have found the merger beneficial and necessary, asserting that it aligns with the interests of the shareholders. If approved, the Fund's shares will cease trading around June 18, 2025, with the reorganization expected to be completed by June 20, 2025. The merged entity will aim to provide shareholders with improved liquidity and lower management fees. The document emphasizes the tax-free nature of the transaction, ensuring shareholders won’t incur capital gains taxes as a result of the merger.
Additional details:
Agreement And Plan Of Reorganization: The merger involves transferring the Fund's assets to the Acquiring Fund for Class A shares.
Shareholder Voting Date: Votes will occur regarding the proposed reorganization.
Liquidation Date: The Fund will be liquidated after the merger is completed.
Net Asset Value Exchange: Shareholders will receive Class A shares with an aggregate value equal to their current holdings.
Management Fee Comparison: The Acquiring Fund has a lower management fee than the Fund.
Total Annual Expense Ratio: The Acquiring Fund's Class A shares offer a lower total annual expense ratio compared to the Fund's common shares.
Expected Closing Date: June 20, 2025
Shareholders Meeting: Shareholders will vote on the reorganization at a special meeting.
Proxy Voting Methods: Voting may occur by mail, internet, telephone, or virtually.
No Tax Event: The reorganization is expected to be a tax-free event for shareholders.
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