Gabelli, Gamco purchase 478,500 Alpharma shares for 9.5% stake

By Angela McDaniels

Tacoma, Wash., Oct. 8 - Alpharma Inc. investors led by Gabelli Funds, LLC and Gamco Asset Management Inc. purchased 478,500 shares of the company's class A common stock between Sept. 15 and Oct. 7 for $32.61 to $37.15 each.

During the same period, the investors sold 46,400 shares for $32.67 to $37.15 each.

Gabelli, Gamco and their affiliates beneficially own 3,967,940 shares, or 9.5%, of the company's class A common stock following the buy and sell transactions, according to a schedule 13D filed with the Securities and Exchange Commission.

On Sept. 24, Gamco Investors, Inc. said it may seek out individuals to join the boards of directors of several companies, including Alpharma. The reporting persons owned 8.47% of the company's shares at the time.

Alpharma is a Bridgewater, N.J.-based specialty pharmaceutical and animal health company.

On Aug. 22, Alpharma rejected King Pharmaceuticals, Inc.'s offer to buy the company for $33.00 per share. King began a $37.00-per-share tender offer on Sept. 12 for all of Alpharma's outstanding shares of class A common stock, and the offer is set to end at 5 p.m. ET on Friday.

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