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Mario Gabelli, Gamco Add to Stake in Edgen Group, Close Position in Rochester Medical

Mario Gabelli’s fund Gamco Investors disclosed upping its position in Edgen Group Inc (NYSE:EDG). The fund now holds an aggregate of 1.45 million shares, just after increasing the stake to 1.2 million disclosed in an earlier filing from last week. Following the acquisition of additional shares, Gamco now holds 7.66% of the outstanding shares of Edgen Group.

Mario Gabelli

Surprisingly enough, Gabelli’s bullishness on Edgen Group comes on the back on the recent announcement by the company, according to which Sumitomo Corporation, together with Sumitomo Corporation of America signed a definitive merger agreement with Edgen Group. Sumitomo plans to acquire Edgen for $12.0 in cash. The deal is yet to be approved by regulators and is expected to be completed by the end of 2013.

Mark Kingdon’s Kingdon Capital and Richard Driehaus Driehaus Capital, also hold large stakes in Edgen Group. Kingdon owns 603,256 shares, and Driehaus holds a $3.2 million stake, which amasses 506,554 shares, according to our database.

In a separate filing, Gamco reported that it no longer holds shares of Rochester Medical Corporation (NASDAQ:ROCM), following its acquisition by C.R. Bard, Inc. (NYSE:BCR). Gabelli has been loading up on shares of Rochester during the past months, increasing its position first to 944,000 shares, and later to 983,316 shares. Taking into account that C.R. Bard offered to pay $20.0 per share in cash, we can assume that the aggregate value of shares held by Gamco amounted to almost $19.7 million.

Rochester signed a definitive agreement with C.R. Bard at the beginning of the September. The latter offered $20 per share in cash, as stated below. The whole price of the deal amounts to $262 million. Rochester’s board approved the merger unanimously, and on November 13, the shareholders held a special meeting where they expressed their position regarding the deal.

Disclosure: none

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