Gamco-led investors reduce stake in Thomas & Betts with stock sale

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Investors led by Gabelli Funds, LLC and Gamco Asset Management Inc. sold an additional 589,687 shares of Thomas & Betts Corp. common stock between Aug. 28 and Oct. 17.

The shares were priced from $54.24 to $60.88 each, according to a schedule 13D filing with the Securities and Exchange Commission.

Gabelli, Gamco and the reporting persons own 3,981,325 shares, or 6.89%, of the company's stock, down from the 7.91% stake the investors reported on Sept. 28.

On Sept. 12, Gabelli and Gamco investors reported the sale of 585,501 shares of Thomas & Betts common stock between Aug. 27 and Sept. 10, priced from $55.38 to $56.05 each. The reporting persons owned 5,165,087 shares, or 8.93%, of the company's stock, a prior SEC filing stated.

On Aug. 16, Thomas & Betts announced it will acquire Lamson & Sessions Co. in an all-cash transaction valued at $27.00 per share, or some $450 million, and slated to close in late 2007. Lamson & Sessions, based in Cleveland, produces thermoplastic enclosures, fittings, wiring outlet boxes and conduits for the electrical, telecommunications, power and wastewater markets.

Thomas & Betts is a Memphis manufacturer of electrical components used in construction, industrial and utility markets.

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