Gamco-led investors up stake in PolyMedica to 10.21%

By Lisa Kerner

Charlotte, N.C., Oct. 24 - PolyMedica Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC purchased 234,412 additional shares of the company's stock between Oct. 15 and Oct. 22 for $52.79 to $52.86 per share.

The investors beneficially own 2,341,226 shares, or 10.21%, of the company, according to a schedule 13D filing with the Securities and Exchange Commission.

On Oct. 9, Gamco and Gabelli reported a 7.52% stake in PolyMedica, up from a 6.34% ownership of the company on Sept. 26.

It was previously reported that PolyMedica agreed on Aug. 28 to be acquired by Medco Health Solutions, Inc. in an all-cash transaction valued at $53.00 per share, or $1.5 billion. Medco is a Franklin Lakes, N.J., pharmacy benefits manager.

PolyMedica provides blood glucose testing supplies and related services to people with diabetes. The company is based in Wakefield, Mass.

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