Gamco and Gabelli continue to buy shares of Rural Cellular

By Lisa Kerner

Charlotte, N.C., Nov. 29 - Rural Cellular Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC increased their ownership of the company's stock to 11.41% from 8.16% with the purchase of 380,100 shares between Nov. 20 and Nov. 27.

The shares were priced from $43.89 to $44.10 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 1,760,909 shares of the Alexandria, Minn., wireless communication services provider.

On Nov. 1 the investors reported a 6.91% stake in Rural Cellular, up from 5.67% on Oct. 18, according to a prior SEC filing.

As previously reported, Rural Cellular shareholders approved the company's proposed acquisition by Verizon Wireless for approximately $2.67 billion in cash and assumed debt. The merger agreement was announced July 30, and the transaction is slated to close in the first half of 2008.

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