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Gamco, Gabelli continue to invest in Rural Cellular
By Lisa Kerner
Charlotte, N.C., June 2 - Rural Cellular Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC increased their ownership of the company's stock to 14.71% from 13.59% with the purchase of 198,307 additional shares of the company's stock.
The shares were bought between April 2 and May 30 priced from $44.26 to $44.74 each, according to a schedule 13D filing with the Securities and Exchange Commission.
The reporting persons beneficially own 2,311,649 shares of the Alexandria, Minn., wireless communication services provider.
As previously reported, Rural Cellular shareholders approved the company's proposed acquisition by Verizon Wireless for $45.00 per share. The merger agreement was announced July 30, 2007, and the transaction is slated to close in the first half of 2008.
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