Gamco, Gabelli buy more shares of LifeCell as Kinetic Concepts begins tender offer

By Lisa Kerner

Charlotte, N.C., April 21 - Investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC upped their stake in LifeCell Corp. to 6.75%, from an initial stake of 5.72%, with the purchase of 353,720 additional shares of the company's stock.

The shares were acquired on April 15, April 16 and April 17 priced from $50.49 to $50.62 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own 2,307,520 shares of LifeCell.

On April 7, Kinetic Concepts, Inc. said it would acquire LifeCell in a deal valued at $1.7 billion.

Kinetic Concepts subsidiary Leopard Acquisition Sub, Inc. began a $51.00-per-share tender offer for all of LifeCell's common stock on April 21. The offer will expire at midnight ET on May 16 unless extended, according to a Kinetic Concepts news release.

It was previously reported that following the acquisition, LifeCell will operate as a new global biosurgery division within Kinetic Concepts led by current LifeCell president Paul Thomas, who will also join Kinetic Concepts' executive committee.

Kinetic Concepts is a San Antonio medical technology company specializing in advanced wound care and therapeutic support systems.

LifeCell provides biological products for soft tissue repair, including its Alloderm regenerative tissue matrix for plastic reconstructive, general surgical, burn and periodontal procedures. The company is located in Branchburg, N.J.

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