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GAMCO To Commence Dutch Auction Tender Offer To Repurchase Up To 800,000 Shares Of Class A Common Stock



   GAMCO To Commence Dutch Auction Tender Offer To Repurchase Up To 800,000
                        Shares Of Class A Common Stock

PR Newswire

RYE, N.Y., Nov. 13, 2012

RYE, N.Y., Nov. 13, 2012 /PRNewswire/ -- GAMCO Investors, Inc. ("GAMCO")
(NYSE: GBL) announced today that its Board of Directors has authorized a
modified "Dutch Auction" tender offer (the "Offer") to purchase for cash up to
800,000 shares of its outstanding Class A common stock, $0.001 par value, at a
price per share of not less than $46.00 nor greater than $50.00 per share. 
The closing price of GAMCO's Class A Common Stock on November 13, 2012 was
$46.26.

The Company intends to commence the Offer on November 14, 2012 and expects the
Offer will expire at 12:00 Midnight, Eastern Time, on December 12, 2012,
unless extended or withdrawn.  Shares must be tendered prior to the expiration
of the Offer, and existing tenders of shares may be withdrawn at any time
prior to the expiration of the Offer.  Withdrawn shares will be returned to
their holders in accordance with the terms of the Offer.  The Offer will not
be conditioned on any minimum number of shares being tendered.  However, the
Offer will be subject to certain customary conditions.

The modified Dutch Auction will allow GAMCO's stockholders to tender their
shares at a price within the specified range and to do so without incurring
any brokerage fees or commissions.  Based on the number of shares tendered and
the prices specified by the tendering stockholders, GAMCO will select a single
price per share within the range (the "Purchase Price") that will enable it to
purchase 800,000 shares pursuant to the Offer, or such lesser aggregate amount
of its shares that are properly tendered. All shares accepted in the Offer
will be purchased at the same price per share even if a stockholder tendered
at a lower price.  GAMCO reserves the right in the Offer to purchase up to an
additional 2% of its shares outstanding. GAMCO had 6,543,208 shares of its
Class A common stock issued and outstanding as of November 13, 2012.

GAMCO intends to fund the Offer with cash on hand.  If more than the maximum
number of shares sought is tendered, the tendered shares will be purchased on
a pro rata basis (subject to any conditional tenders).  Stockholders whose
shares are purchased through the Offer will be paid the Purchase Price in
cash, without interest, promptly after the expiration of the Offer.  Shares
tendered at prices above the Purchase Price and shares not purchased due to
proration will be returned to tendering stockholders.  

GGCP, Inc. ("GGCP"), the beneficial owner of a majority of the Company's Class
B common stock and approximately 96,000 shares of the Company's Class A common
stock as of November 13, 2012, has indicated its non-binding intention to
tender a portion or all of its Class A common shares in the Offer.  Mario
Gabelli, GAMCO's Chairman, Chief Executive Officer and Chief Investment
Officer – Value Portfolios, who is also the Chief Executive Officer, a
director and the controlling shareholder of GGCP, has not indicated his
intention to tender in the Offer.  Mr. Gabelli may be deemed to have
beneficial ownership of the Class A common stock held by GGCP by virtue of the
relationships described above.  Mr. Jamieson, GAMCO's President and Chief
Operating Officer, has indicated his non-binding intention to tender
approximately 5,000 shares in the Offer.  GAMCO's other directors and
executive officers do not intend to participate in the Offer and do not intend
to tender any of their shares.

The Offer described in this press release has not yet commenced.  At the time
the Offer is commenced, the terms and conditions of the Offer will be set
forth in an offer to purchase, a letter of transmittal and related
documentation (the "Offering Documents"), which will be distributed to GAMCO
stockholders and filed with the Securities and Exchange Commission ("SEC"). 
We have retained Computershare Trust Company, N.A. ("Computershare") to serve
as the Depositary for the Offer and Morrow & Co., LLC ("Morrow") to serve as
the Information Agent.  A copy of the Offering Documents may be obtained from
Morrow at (800) 573-4370 or GAMCO.info@morrowco.com, when they become
available.  Please contact Morrow with any questions regarding the Offer. 

Stockholders are urged to read the Offering Documents when they become
available because they will contain important information that stockholders
should consider before making any decision regarding tendering their
shares.  The Offering Documents will be available for free at the SEC's
website at http://www.sec.gov. In addition, GAMCO's stockholders will be able
to obtain a copy of these documents from Morrow as noted above, free of
charge.  

In addition to the Offering Documents, GAMCO files annual, quarterly and
special reports, proxy statements and other information with the SEC.  You may
read and copy any reports, statements or other information filed by GAMCO at
the SEC public reference room at 100 F Street, N.E., Washington, D.C.
20549.  Please call the SEC at 1-800-SEC-0330 for further information on the
public reference room.  GAMCO's filings with the SEC are also available to the
public from commercial document-retrieval services and at the website
maintained by the SEC at http://www.sec.gov.

GAMCO initiated a stock buyback program in March 1999.  Since that time, GAMCO
has repurchased approximately 7,620,691 shares of its Class A common stock at
an average cost of $40.78.  Through this Offer, GAMCO is continuing its
historical commitment to repurchasing its shares with a view to enhancing
stockholder value.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE
AN OFFER TO SELL OR PURCHASE, OR THE SOLICITATION OF TENDERS OR CONSENTS WITH
RESPECT TO, THE SHARES OF GAMCO.  NO OFFER, SOLICITATION, PURCHASE OR SALE
WILL BE MADE IN ANY JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION,
PURCHASE OR SALE WOULD BE UNLAWFUL.  THE OFFER WILL BE MADE SOLELY PURSUANT TO
THE OFFERING DOCUMENTS.  NONE OF GAMCO, ITS BOARD OF DIRECTORS, OFFICERS OR
EMPLOYEES, COMPUTERSHARE OR MORROW IS MAKING ANY RECOMMENDATION AS TO WHETHER
OR NOT STOCKHOLDERS SHOULD TENDER ALL OR ANY PORTION OF THEIR SHARES IN THE
OFFER, OR AS TO THE PRICE OR PRICES AT WHICH STOCKHOLDERS MAY CHOOSE TO TENDER
ANY OF THEIR SHARES.  STOCKHOLDERS ARE STRONGLY ENCOURAGED TO EVALUATE
CAREFULLY ALL INFORMATION IN THE OFFERING DOCUMENTS AND TO CONSULT THEIR
INVESTMENT AND TAX ADVISORS BEFORE MAKING ANY DECISION REGARDING THE TENDER OF
THEIR SHARES.

*************************

GAMCO conducts its investment advisory business principally through: GAMCO
Asset Management Inc. (Institutional and High Net Worth), Gabelli Funds, LLC
(Mutual Funds) and Gabelli Securities, Inc. (Investment Partnerships).  GAMCO
also acts as an underwriter and provides institutional research through
Gabelli & Company, Inc., one of its broker-dealer subsidiaries.  The
distribution of GAMCO's open-end funds is conducted through G.distributors,
LLC.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure in this press release contains some forward-looking statements.
Forward-looking statements give our current intentions, expectations or
forecasts of future events. You can identify these statements because they do
not relate strictly to historical or current facts. Although we believe that
we are basing our intentions, expectations and beliefs on reasonable
assumptions within the bounds of what we currently know about our business and
operations, there can be no assurance that our actual actions or results will
not differ materially from what we currently expect, intend or believe. We
direct your attention to specific discussions of risk contained in our Form
10-K and other public filings. We are providing these statements as permitted
by the Private Litigation Reform Act of 1995. We do not undertake to update
publicly any forward-looking statements if we subsequently learn that we are
unlikely to achieve our intentions or expectations, or if we receive any
additional information relating to the subject matters of our forward-looking
statements.

Contact:  Robert S. Zuccaro
          Executive Vice President
          and Chief Financial Officer
          (914) 921-5088

For further information please visit www.gabelli.com

SOURCE GAMCO Investors, Inc.

Website: http://www.gabelli.com
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