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Gamco-led investors continue to sell off shares of Thomas & Betts
By Lisa Kerner
Charlotte, N.C., Sept. 28 - Investors led by Gabelli Funds, LLC and Gamco Asset Management Inc. sold an additional 546,575 shares of Thomas & Betts Corp. common stock between Sept. 12 and Sept. 26.
The shares were priced from $55.29 to $58.15 each, according to a schedule 13D filing with the Securities and Exchange Commission.
Gabelli, Gamco and the reporting persons own 4,573,112 shares, or 7.91%, of the company's stock.
On Sept. 12, the investors reported the sale of 585,501 shares of Thomas & Betts common stock between Aug. 27 and Sept. 10, priced from $55.38 to $56.05 each. The reporting persons owned 5,165,087 shares, or 8.93%, of the company's stock, a prior SEC filing stated.
On Aug. 16, Thomas & Betts announced it will acquire Lamson & Sessions Co. in an all-cash transaction valued at $27.00 per share, or some $450 million, and slated to close in late 2007. Lamson & Sessions, based in Cleveland, produces thermoplastic enclosures, fittings, wiring outlet boxes and conduits for the electrical, telecommunications, power and wastewater markets.
Thomas & Betts is a Memphis manufacturer of electrical components used in construction, industrial and utility markets.
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