Gabelli continues to buy shares of Alpharma

By Lisa Kerner

Charlotte, N.C., Sept. 24 - A group of Alpharma Inc. investors led by Gabelli Funds, LLC increased their stake in the company to 8.47% with the purchase of 18,900 shares in a series of buy and sell transactions between Sept. 19 and Sept. 23.

The shares were acquired at prices from $35.58 to $37.69 each, according to a schedule 13D filed with the Securities and Exchange Commission.

A prior SEC filing reported Gabelli's purchase of 393,800 shares on Sept. 16 and Sept. 17.

Gabelli and its affiliates beneficially own approximately 3.53 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. King began a $37.00-per-share tender offer on Sept. 12 for all of Alpharma's outstanding shares of class A common stock, it was previously reported.

The offer is set to end at 5 p.m. ET on Oct. 10.

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