Gamco, Gabelli buy mores shares of Rural Cellular

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Rural Cellular Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought an additional 192,100 shares of the company's stock between Oct. 22 and Oct. 30.

The stocks were priced from $43.66 to $44.07 each, according to a schedule 13D filing with the Securities and Exchange Commission.

Gamco, Gabelli and the reporting persons beneficially own 1,065,609 shares, or 6.91%, of the Alexandria, Minn., wireless communication services provider.

On Oct. 18, the investors reported a 5.67% stake in Rural Cellular, owning 873,509 shares of the company's outstanding stock.

As previously reported, Rural Cellular shareholders approved the company's proposed acquisition by Verizon Wireless for approximately $2.67 billion in cash and assumed debt. The merger agreement was announced July 30, and the transaction is slated to close in the first half of 2008.

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