GAMCO Closes Stake in Zygo Corporation (ZIGO); Reduces Westwood Holdings Group Inc. (WHG) Position

In a new amended filing with the U.S. Securities and Exchange Commission, GAMCO Investors, managed by Mario Gabelli, revealed that it has sold its entire stake in Zygo Corporation (NASDAQ:ZIGO). GAMCO previously owned 800,461 shares of the company, representing 4.19% of common stock, a previous filing showed.

Mario Gabelli with cereal box

Zygo Corporation (NASDAQ:ZIGO) is engaged in a global business of supplying optical metrology instruments, precision optics and electro-optical design and manufacturing services. The company, which has a market cap of $368.1 million, serves customers in the semiconductor equipment, bio-medical, scientific and industrial markets.

Zygo Corporation (Nasdaq:ZIGO) was acquired by AMETEK, Inc. (NYSE:AME) for about approximately $280 million. The transaction was approved by stockholders of Zygo Corporation (Nasdaq:ZIGO) on June 18, 2014. In April, AMETEK, Inc. (NYSE:AME) agreed to acquire all of the outstanding shares of common stock of Zygo at a purchase price of $19.25 per share in cash, which represents a premium of 31% to Zygo’s closing share price on April 10, 2014, according to a statement.

As a result of the completion of the acquisition of Zygo Corporation (Nasdaq:ZIGO), GAMCO Investors no longer have beneficial ownership of any of the company’s shares, according to the filing.

In a separate amended filing, Gamco Investors disclosed trimming its stake in Westwood Holdings Group Inc. (NYSE:WHG) to 655,335 shares from 664,600 shares held previously. The new position is equal to 7.95% of common stock.

Westwood Holdings Group Inc. (NYSE:WHG) provides investment management services to institutional investors, private wealth clients and financial intermediaries, and has a market cap of $501.4 million. For the first quarter of 2014, the company reported non-GAAP Economic Earnings per share of $1.17, compared to $0.76 in the same period in 2013, representing 54% increase. Diluted earnings per share rose 97% to $0.75, compared to $0.38 in the first quarter of 2013. It reported first-quarter 2014 revenues of $25.9 million, up from $20.1 million in the 2013 quarter.

Other largest shareholders of Westwood Holdings Group Inc. (NYSE:WHG) include Chuck Royce’s Royce & Associates, which owns 777,362 shares, and Martin Whitman’s Third Avenue Management, which holds 414,877 shares of the company.

Disclosure: none

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