Mario Gabelli Adds to Activist Position in Rochester Medical Corporation

Mario Gabelli of Gamco Investors has recently added to his activist position in Rochester Medical Corporation (NASDAQ:ROCM). In a recent 13D filing with the SEC, Gamco disclosed ownership of about 528,200 shares of the company, with the value of the stake amounting to some $10.5 million at the current price of Rochester Medical’s stock. This means that in comparison with the end of the previous quarter, Gamco added around 17,700 shares to its position in the company.

The move in Rochester Medical is interesting, since during the past two quarters Gabelli’s hedge fund has been unloading shares of the company. However, the purchase of additional shares can be explained, since it comes amid the recent announcement that C.R. Bard, Inc. (NYSE:BCR) will buy the company for a little over $260 million. Rochester Medical will be acquired by C.R Bard at a price of $20 per share. At a current price of $19.92, most of the merger arbitrage opportunity has dried up.

Still it’s worth noting that Grt Capital Partners, Jim Simons’ Renaissance Technologies and Algert Coldiron Investors are also invested in the merger arb play alongside Mario Gabelli and Gamco Investors.

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