Gabelli ups stake in Alpharma to 5.54%

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Alpharma Inc. investors led by Gabelli Funds, LLC increased their stake in the company to 5.54%, from 5.05% on Aug. 26, with the purchase of 200,200 additional shares between Aug. 27 and Sept. 9.

The shares were priced from $34.39 to $35.80 each, according to a schedule 13D filed with the Securities and Exchange Commission.

Gabelli and its affiliates beneficially own approximately 2.3 million shares of the 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.

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