Gamco, Gabelli buy more shares of Rural Cellular

By Lisa Kerner

Charlotte, N.C., July 2 - Rural Cellular Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC reported the purchase of 41,164 shares of the company's stock following a series of buy and sell transactions between June 10 and June 30.

The shares were priced from $44.57 to $44.78 each, according to a schedule 13D filing with the Securities and Exchange Commission.

Gamco and its affiliates beneficially own 2,252,813 shares, or 14.34%, of the Alexandria, Minn., wireless communication services provider.

The investors reported the purchase of 198,307 shares of Rural Cellular between April 2 and May 30 priced from $44.26 to $44.74 each in a prior SEC filing.

As previously reported, Rural Cellular shareholders approved the company's proposed acquisition by Verizon Wireless for $45.00 per share. The merger agreement was announced July 30, 2007, and the transaction was slated to close in the first half of 2008.

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