RYE, N.Y.--(BUSINESS WIRE)--Alteva, Inc. (“Alteva”) (NYSE MKT:ALTV) recently announced that it adopted a shareholder rights plan after its Board of Directors received and rejected an unsolicited, non-binding letter of interest from Juniper Investment Company, LLC (“Juniper”). The rights represent a corporate anti-takeover device, commonly known as a “poison pill.”
After reviewing Juniper’s recently filed public material, an affiliate of GAMCO Investors, Inc. (“GAMCO”) (NYSE:GBL), sent a letter to Alteva asking the company to include a shareholder proposal at its next annual meeting requesting that the Board of Directors redeem the rights issued pursuant to the Rights Agreement, dated as of September 2, 2014, unless the holders of a majority of the outstanding shares of common stock approve the issuance at a meeting of the shareholders held as soon as practical.
As GAMCO has stated in the past, we are neither for nor against management, we are for shareholders. GAMCO believes that the power of shareholders to accept or reject an offer by a potential bidder provides an important check and balance on management and the board in their stewardship of the shareholders’ interests.
GAMCO Investors, Inc. and certain affiliates own approximately 1.00% of the common stock of Alteva, Inc. on behalf of their clients.
GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.). As of September 30, 2014, GAMCO had $ 46.9 billion in assets under management.