March 13 (Reuters) - Alternative asset manager Blue

Owl's fund said on Friday its board has unanimously

recommended that shareholders reject an unsolicited minority

tender offer from Cox Capital and Saba Capital.

The investment firms had offered to buy up to 8 million

shares in Blue Owl Capital Corporation II (OBDC II) for roughly

$30 million.

Here are the details of the offer and Blue Owl's response:

* Blue Owl said the offering price represents a discount of

about 33.2% to net asset value, well below what its board

believes is the long-term value of OBDC II shares.

* The investment firms behind the tender offer had said in

February that it would provide a liquidity solution for retail

investors following a significant industry-wide increase in BDC

redemption requests.

* "Cox and Saba's offer price is inadequate, arbitrary and

substantially undervalues OBDC II's assets and ongoing access to

liquidity," it said.

* Last month, Blue Owl permanently removed an option for

investors, mainly wealthy individuals, to withdraw some funds

from OBDC II.

* Blue Owl later said it would return 30% of the net asset

value of the fund to investors and stop quarterly redemptions.

* The alternative asset manager, which had more than $300

billion in assets as of December 31, said last month it would

sell $1.4 billion of assets across three funds and return part

of the proceeds to some investors, while also paying down debt.

* Blue Owl shares are down about 41% so far this year as

investors grapple with worries that credit risk and AI

disruption could hurt the software portfolios of private credit

lenders.

* Executives have repeatedly said those fears are overblown.

(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)