Gamco, Gabelli buy shares of Hercules ahead of merger with Ashland

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Gamco Asset Management Inc. and Gabelli Funds, LLC bought 419,538 shares of Hercules Inc. ahead of the company's proposed merger with Ashland Inc., it was reported in a schedule 13D filed with the Securities and Exchange Commission.

The shares were acquired through a series of buy and sell transactions between March 6 and Sep. 4.

According to the filing, the shares were priced from $16.00 to $21.82 each.

Gamco and Gabelli beneficially own 5,977,127 shares, or 5.3%, of the Covington, Ky., chemical company.

In July Ashland agreed to acquire Hercules in a stock and cash deal valued at $23.01 per Hercules share, or about $3.3 billion including debt.

Hercules shareholders will receive $18.60 per share in cash plus 0.093 of a share of Ashland common stock for each share of Hercules common stock, it was previously reported.

Ashland is a diversified chemical company based in Covington, Ky.

Hercules manufactures and markets chemical specialties for making a variety of products for home, office and industrial markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.