Gabelli, Gamco report 21.57% stake in Sequa

By Lisa Kerner

Charlotte, N.C., July 24 - Sequa Corp. investors led by Gabelli Funds, LLC and Gamco Asset Management Inc. bought 71,700 shares of the company's stock between July 17 and July 23, priced from $169.53 to $169.78 each.

The reporting persons beneficially own 1,749,036 shares, or 21.57%, of the New York-based diversified industrial company, according to a schedule 13D filing with the Securities and Exchange Commission.

On June 21, the investors reported a 29.8% ownership, and on June 7 Gamco and Gabelli had a 28.65% stake in the company. In late May, the investors owned 30.37% of Sequa, or 996,627 shares.

As previously reported, Sequa agreed to be acquired by the Carlyle Group, a private equity firm, for $175 per share in a transaction valued at $2.7 billion. Sequa's go-shop period for additional third-party proposals ends Aug. 23. The transaction is slated to close in the fourth quarter of 2007.

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