River Road, Mac-Gray: In a recent filing, River Road Asset Management disclosed dumping a significant amount of its shares of Mac-Gray Corporation (NYSE:TUC), reducing its exposure to 2.3%. River Road reported ownership of 335,678 shares of Mac-Gray, versus over 1.3 million shares disclosed in its latest 13F.
Just yesterday, we reported Mario Gabelli disclosed a 6.7% stake in Mac-Gray. In an earlier filing, Alexander Knaster’s Pamplona Capital Management, one of the wealthiest hedge fund managers in the U.K., reported a 17.7% activist stake in the company.
All this fuss comes on the back of the merger, under the terms of which, Mac-Gray is to be acquired by CSC ServiceWorks for $524 million. Pampalona, which is a controlling shareholder of CSC, said that it is willing to pay up to $594 million to buy Mac-Gray.
Moab Capital, another hedge fund, signed an agreement with the buyer to vote in favor of the sale. Moab holds around 1.34 million shares of Mac-Gray, which represent 9.1% of the company.