Gabelli’s GAMCO in Proxy Battle with Ascent Media
|October 6th, 2009||
|Diversified asset manager and financial services company GAMCO Asset Management has filed an amended 13D filing, reporting the firm’s beneficial ownership 9.58% of the outstanding shares of Ascent Media.|
According to the SEC filing, GAMCO sent a request to Ascent Media for a vote on the “removal of the Issuer’s poison pill at the upcoming annual meeting.” The firm is proposing to be included the 2010 Annual Meeting of Stockholders, which would require the Asset Media’s Board of Directors to “redeem the preferred share purchase rights issued” as outlined in the poison pill agreement, designed to discourage hostile takeovers from acquiring shareholders. In the Stockholder Proposal GAMCO argues that the poison pill reduces the power of stockholders, which serves as an important check to the power of the Board, and that it prevents stockholders from determining a fair price for their holdings.
Ascent Media offers a variety of individual creative and content services to clients and focuses on full integration of every stage of development, from media solutions to post-production and publication.
GAMCO, formerly Gabelli Asset Management, manages separate accounts for high net-worth individuals, institutions and qualified pension plans, as well as the GAMCO family of mutual funds.
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