Mario Gabelli, Mac-Gray: According to a 13D filing, Mario Gabelli, the manager of Gamco Investors, now owns 980,223 shares of Mac-Gray Corporation (NYSE:TUC). The new position represents 6.66% of the company. A couple of days ago, Moab Capital disclosed its intention to vote in favor of the company’s merger proposal; Mac-Gray is set to be acquired by CSC Fenway.
According to the definitive agreement and plan of the merger between Mac-Gray and CSC, the latter will purchase outstanding common stock of Mac-Gray for $21.15 in cash, which was at a 42% premium above the stock’s closing price on October 14. In this way, the value of the deal amounts to some $524 million. The merger was approved unanimously by Mac-Gray’s Board of Directors.