Gamco-led investors report 6.46% stake in Pioneer Cos.

By Lisa Kerner

Charlotte, N.C., July 19 - Pioneer Cos., Inc. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought 140,466 shares of the company's stock between July 5 and July 17, priced from $34.33 to $34.73 per share.

The reporting persons beneficially own 764,367 shares, or 6.46%, of the company's outstanding stock, according to a schedule 13D filing with the Securities and Exchange Commission.

As previously reported, Olin Corp. entered into an agreement to acquire Pioneer for $35 cash per share. Both companies' boards of directors approved the transaction. A $15,634,552 termination fee is included in the agreement.

Pioneer stockholders are scheduled to vote on the merger at a special meeting on Aug. 28.

Olin, located in Clayton, Mo., manufactures chlor alkali, metal and ammunition products for commercial and industrial markets. Houston-based Pioneer manufactures chlorine, caustic soda, bleach, hydrochloric acid and related products.

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