RYE, N.Y.--(BUSINESS WIRE)--GAMCO Asset Management announced today that it is tendering all of its Scania AB shares into Volkswagen AG’s SEK 200 offer. GAMCO has reviewed the offer’s valuation as well as options available to Scania AB shareholders absent the offer from Volkswagen. After weighing the alternatives, the firm has elected to tender its shares because it is in the best interest of clients.
As of April 22, 2014, GAMCO holds 945,617 A shares and 577,748 B shares on behalf of its clients, representing approximately 4.8% of the A shares and 0.2% of the B shares not held or controlled by Volkswagen.
GAMCO Asset Management is a subsidiary of GAMCO Investors, Inc. (NYSE:GBL). GAMCO Investors, Inc. (New York Stock Exchange ("NYSE"): GBL) is a widely-recognized provider of investment advisory services to open and closed-end funds, institutional and private wealth management investors, and investment partnerships, principally in the United States. As of December 31, 2013, the firm manages $47.0 billion on behalf of its clients.