Zep shareholder asks company to redeem rights

By Lisa Kerner

Charlotte, N.C., Jan. 14 - Gamco Asset Management Inc. asked Zep Inc. to redeem the rights issued under the company's Oct. 30, 2007 stockholder protection rights agreement.

In a Wednesday letter to Zep, Gamco said it may exercise its right to submit a shareholder proposal for inclusion in the proxy statement for the company's 2010 annual meeting.

According to Gamco, the proposal would urge the stockholders to vote to request that the board of directors redeem the rights unless the holders of a majority of Zep's outstanding shares of common stock approve the issuance at the 2010 annual meeting.

The letter was included in a schedule 13D/A filed with the Securities and Exchange Commission.

Gamco beneficially owns 2,925,060 shares, or 13.87%, of the Atlanta cleaning products company.

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