Gabelli has been particularly active in Rochester Medical lately. Before increasing the position to 944,016 shares, earlier Gamco reported another bullish move which added some 17,700 shares to the stake. This moves are made amid the fact that the company signed a definitive merger agreement with C. R. Bard earlier in September. Under the terms of the agreement the buyer offered a price of $20 per share ($262 million in total). The Board of Directors of the company accepted the offer and now shareholders have to say their word on the deal.
And while the stock of Rochester is trading at slightly below the offer price, which excludes the possibility of earning money on the merger arbitrage, it appears Gabelli is interested in investing in the post-merger company.