Zep investors led by Gamco buy 149,822 shares

By Lisa Kerner

Charlotte, N.C., March 25 - A group of Zep Inc. investors led by Gamco Asset Management Inc. reported the purchase of 149,822 shares of the company's stock between Jan. 26 and March 23 in a schedule 13D/A filed on Wednesday with the Securities and Exchange Commission.

The shares were priced from $6.70 to $12.00 each, the filing said.

In January, Gamco asked Zep to redeem the rights issued under the company's Oct. 30, 2007 stockholder protection rights agreement.

Gamco said at the time it may exercise its right to submit a shareholder proposal for inclusion in the proxy statement for the company's 2010 annual meeting.

The proposal, according to a prior SEC filing, 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.

Gamco beneficially owns 3,091,096 shares, or 14.66%, of the Atlanta cleaning products company.

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