Gabelli, Gamco report 5.05% stake in Alpharma

By Lisa Kerner

Charlotte, N.C., Aug. 26 - Alpharma Inc. investors led by Gabelli Funds, LLC and Gamco Asset Management Inc. reported the purchase of shares between June 30 and Aug. 25 at prices from $21.60 to $35.06 each.

The investors beneficially own approximately 2.1 million shares, or 5.05%, of the Bridgewater, N.J.-based specialty pharmaceutical and animal health company, according to a schedule 13D filed with the Securities and Exchange Commission.

On Aug. 22 it was announced that Alpharma rejected an offer from King Pharmaceuticals, Inc. to buy the company for $33.00 per share.

According to King, a Bristol, Tenn., pharmaceutical company, the proposed price implies a total equity value of approximately $1.4 billion for 100% of the fully diluted share capital and an enterprise value of approximately $1.2 billion.

Alpharma said in a statement released on Friday that it is "willing to entertain a proposal" that "more appropriately values the company."

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