GAMCO Goes Activist on Ascent Capital Group Inc (ASCMA); Proposes a Vote Regarding the Company’s Poison Pill

Mario Gabelli and hid fund GAMCO Investors went activist on another company, Ascent Capital Group Inc (NASDAQ:ASCMA), a newly amended SEC filing showed. GAMCO disclosed a letter sent to the company’s management expressing its proposal to ask the shareholders to vote to request for the redemption of the preferred share purchase rights.

Mario Gabelli

“[…] the stockholders of Ascent Capital Group, Inc. request the Board of Directors reddem the preferred share purchase Rights Agreement, dated as of September 17, 2008, as amended, unless the holders of a majority of the outstanding shares of common stock approve the issuance at a meeting of the stockholders as soon as practical,” GAMCO’s proposal stated.

GAMCO currently holds over 1.0 million shares of Ascent Capital Group Inc (NASDAQ:ASCMA), the stake being slightly reduced from some 1.06 million held at the end of September. The fund’s holding amasses 7.4% of the company’s common stock. GAMCO together with other Gabelli’s funds own in aggregate some 1.03 million shares, equal to 7.56% of the common stock.

Aside from GAMCO, among Ascent Capital Group Inc (NASDAQ:ASCMA)’s shareholders we can mention Joel Ramin’s 12 West Capital Management, which owned 567,200 shares at the end of September, worth $45.7 million. Murray Stahl’s Horizon Asset Management‘s position contains 405,100 shares, worth $32.7 million; and Jonathan Auerbach’s Hound Partners disclosed a $17.4 million stake, which amasses 216,300 shares in its latest 13F.

Earlier, GAMCO sent also a letter to the management of Superior Industries International Inc. (NYSE:SUP), in which it proposed the authorization of a “Dutch Auction” tender offer by its shareholders. In a second letter, the fund expressed its intention to nominate several candidates for the board of Telephone & Data Systems, Inc. (NYSE:TDS). Also, GAMCO proposed that the shareholders of Griffin Land & Nurseries, Inc. (NASDAQ:GRIF) should vote regarding the attribution of REIT or MLP status to the company.

Disclosure: none

Recommended Reading:

5 Energy Stocks That Hedge Funds Love

Goldman Capital Management Raises Exposure to Mattersight Corporation (MATR)

Hedge Funds’ Latest Stock Picks: Carl Icahn, Steven Cohen And Others