Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Mario Gabelli, Gamco Investors Close Stake in Edgen Group

Mario Gabelli, the manager of Gamco Investors, cashes in on Edgen Group Inc (NYSE:EDG). In a recent filing with the Securities and Exchange Commission, Gamco reported closing the position in Edgen Group. The fund previously owned 1.45 million shares, after recently disclosing an addition to their position.

Mario Gabelli

Edgen Group Inc has been taken over by Sumitomo Corporation. The deal was made public yesterday, with the Japanese company paying $12.00 per share.

Dan O’Leary, the President and Chief Executive Officer of Edgen Group, said:

This transaction gives us the capacity to serve the expanding needs and complex procurement requirements of the global energy infrastructure industry on an even greater scale. We look forward to leveraging the value of this new partnership on behalf of our customers around the world.

Kazuhiro Takeuchi, President and CEO of Sumitomo Corporation of America, said:

As a leader in the supply of steel products across the upstream, midstream and downstream oil and gas market in the United States, the acquisition of Edgen Group gives us a broader global distribution platform, including experienced staff, facilities, and an expanded specialized steel product offering that will allow us to continue our growth and to support the development of our global energy infrastructure

Other funds that were heavily invested in Edgen Group before the takeover are Kingdon Capital, run by Mark Kingdon, with a holding of 476 thousand shares, Driehaus Capital, managed by Richard Driehaus, with a little over 500 thousand shares, and Brian Taylor‘s Pine River Capital Management, which owned 140 thousand shares.

Disclosure: none

Recommended reading:

Mark Gallogly, Centerbridge Partners Limit Exposure to BankUnited

J. Carlo Cannell, Cannell Capital Add to Position in Hooper Holmes

GL Partners Adds to Position in SciClone Pharmaceuticals; Reveals New Stake in China Biologic Products

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!