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Mario Gabelli Holds 6.66% of Pre-Merger Mac-Gray

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.

Mario Gabelli

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.

Earlier today, Mario Gabelli disclosed holding a 5% stake in Edgen Group Inc (NYSE:EDG).

Disclosure: none

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