Hedge funds Bulldog Investors and Ancora Advisors offered to acquire Adams Natural Resources Fund, a non-diversified, closed-end management investment company incorporated in the USA, for up to $70m. The Board of Directors of Adams Natural Resources Fund unanimously recommended that shareholders reject the tender offer. "We have repeatedly asked management to address the discount of PEO’s trading price from its net asset value but it has been unwilling to do so. By significantly increasing our ownership stake through a tender offer, we hope to be in a better position to influence the Board of Directors.” James Chadwick, Director of Alternative Investments at Ancora, added: “Given the dismal prospects for oil and gas stocks for the foreseeable future, and the availability of low cost options to invest in the sector, it is hard to see why PEO should continue to operate in its current format – or why shareholders that need to sell shares in these trying times should have to accept a large discount from NAV," Phillip Goldstein, Bulldog Managing Member.