Gamco buys stake in VNUS Medical ahead of proposed Covidien merger

By Lisa Kerner

Charlotte, N.C., June 5 - VNUS Medical Technologies, Inc. investors led by Gamco Asset Management Inc. bought 946,094 shares of the company's stock for an initial stake of 5.83%.

The shares were acquired between May 8 and June 3 priced from $28.7035 to $28.955 each, according to a schedule 13D/A filed on Friday with the Securities and Exchange Commission.

Gamco beneficially owns 946,094 shares, or 5.83%, of the San Jose, Calif.-based medical device company's outstanding stock.

On May 8 Covidien Ltd., a Hamilton, Bermuda, health care products company, announced it would acquire VNUS for $29.00 per share for a total of about $440 million, net of cash acquired.

As previously reported, the transaction is expected to be completed by June 30.

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