Gamco, Gabelli continue to invest in Hercules

By Lisa Kerner

Charlotte, N.C., Oct. 3 - Gamco Asset Management Inc. and Gabelli Funds, LLC raised their ownership interest in Hercules Inc. to 6.3% from 5.3% with the purchase of 1,117,890 shares.

The shares were acquired through a series of buy and sell transactions between Sept. 4 and Oct. 2 at prices from $17.08 to $21.76 each, according to the filing.

Gamco and Gabelli beneficially own approximately 7.1 million shares of the company.

In July, Ashland Inc. agreed to acquire Hercules in a stock and cash deal valued at $23.01 per Hercules share, or about $3.3 billion including debt.

Hercules shareholders will receive $18.60 per share in cash plus 0.093 of a share of Ashland common stock for each share of Hercules common stock, it was previously reported.

Hercules manufactures and markets chemical specialties for making a variety of products for home, office and industrial markets. The company is based in Wilmington, Del.

Ashland is a diversified chemical company based in Covington, Ky.

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