GAMCO Announces Dutch Auction Tender Offer to Repurchase Up to 800K Shares
GAMCO Investors (NYSE: GBL) announced today that its Board of Directors has authorized a modified "Dutch Auction" tender 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14, 2012 and expects the Offer will expire at 12:00 Midnight, Eastern Time, on December 12, 2012, unless extended or withdrawn. Shares must be tendered prior to the expiration of the Offer, and existing tenders of shares may be withdrawn at any time prior to the expiration of the Offer. Withdrawn shares will be returned to their holders in accordance with the terms of the Offer.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