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Associated Capital Group commences exchange offer

Feb 05, 2018 - Banking and Credit News

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Associated Capital Group, Inc. (NYSE: AC) ("AC") has announced that it has commenced an offer to exchange up to 1,000,000 shares of its Class A common stock, for shares of Class A common stock of GAMCO Investors, Inc. (NYSE: GBL) ("GBL") that AC beneficially owns, the company said.

For each share of AC Class A common stock that is validly tendered and not validly withdrawn, an AC stockholder will receive 1.35 shares of GBL Class A common stock (the "exchange ratio"), together wi...