GAMCO Announces Intention of Mario J. Gabelli to Tender 0% Subordinated Debentures in Tender Offer

GAMCO Investors

announced Friday that, with respect to its tender offer, commenced May 21, 2012, to purchase for cash up to $50 million but not less than $20 million aggregate principal amount of its 0% Subordinated Debentures due 2015 (CUSIP No. 361438AA2), GAMCO's Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios, Mario J. Gabelli, has indicated his non-binding intention to tender all or a substantial portion of his Debentures in the Offer. As of June 1, 2012, the face value of the Debentures outstanding was $86,114,564 and Mr. Gabelli beneficially owned $45,772,300 principal amount of Debentures. This does not affect the aggregate amount of the Offer ($50,000,000), the minimum tender condition ($20,000,000), the price range of the Offer ($820-$870 per $1,000 of principal amount) and the expiration date of the Offer (12:00 Midnight, Eastern Time, on June 18, 2012), and all the other terms and conditions of the Offer also remain unchanged.