Gabelli-led investors buy Standard Motor Products shares, suggest move to Pink Sheets

By Angela McDaniels

Tacoma, Wash., Jan. 28 - Standard Motor Products, Inc. investors led by Gabelli Funds, LLC and Gamco Asset Management Inc. increased their ownership interest in the company to 3,041,109 shares, or 16.15%.

The investors purchased a net 15,000 shares through a series of buy and sell transactions between Dec. 16 and Jan. 26, according to a schedule 13D/A filing with the Securities and Exchange Commission.

The shares were priced from $2.4067 to $4.00 each.

Prior to the transactions, the investors had a 16.11% stake in the company.

In a letter to Standard Motor Products chairman and chief executive officer Lawrence I. Sills, Mario J. Gabelli suggested that the company consider a "going-dark transaction."

"As long as you trade in the Pink Sheets and provide continuing information to your shareholders, we would support such a transaction. It is particularly cost effective in this Sarbanes-Oxley world," Gabelli said in the letter, which was included in the 13D/A filing.

Standard Motor manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. It is based in Long Island City, N.Y.

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