Gamco expands tender offer for 0% notes due 2015, extends deadline

By Toni Weeks

San Diego, June 19 - Gamco Investors, Inc. said it will now accept for purchase all $86,114,564 of its 0% subordinated debentures due 2015 in the company's tender offer, which now expires at 5 p.m. ET on July 2.

Previously, Gamco said it was tendering for between $20 million and $50 million of the notes, and the expiration date was scheduled for midnight ET on June 18. The offer began on May 21.

As of the previous expiration date, about $63,203,000 principal amount of debentures had been validly tendered. Included in that amount was $38,212,800 of the $45,772,300 principal amount of notes beneficially owned by Mario J. Gabelli, Gamco's chairman, chief executive officer and chief investment officer - Value Portfolios, and about $1,448.8000 of the $1,599,700 principal amount of debentures owned by Gamco's other directors and executive officers.

All other terms and conditions of the offer remain unchanged, including the price range of $820 to $870 cash that Gamco is offering for each $1,000 of notes.

The company previously amended the tender offer, waiving the offer's original requirement that tender amounts be in multiples of $1,000. It will now accept amounts in multiples of $1.

The price will be determined through a modified Dutch auction. Funding will come from cash on hand.

Computershare Trust Co., NA is the depositary. Morrow & Co., LLC (877 815-6525 or Gamco.info@morrowco.com) is the information agent.

Gamco Investors is based in Rye, N.Y. It manages private advisory accounts through Gamco Asset Management Inc., mutual funds and closed-end funds through Gabelli Funds, LLC and partnerships and offshore funds through Gabelli Securities, Inc.

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