In a new filing with the Securities and Exchange Commission, Mario Gabelli‘s GAMCO Investors revealed a new stake in Peregrine Semiconductor Corp (NASDAQ:PSMI). The position held by GAMCO and its affiliates contains in aggregate 1.70 million shares of the company, which represent 5.03% of the company. Out of the aggregate stake, GAMCO’s position amasses 492,300 shares, equal to 1.46% of the company. In another filing, GAMCO disclosed slightly decreasing its exposure to SL Industries, Inc. (NYSEMKT:SLI) to around 802,400 shares, from 844,500 shares. Following the reduction, the aggregate position amasses 19.36% of the company, down from 20.38%.
Peregrine Semiconductor Corp (NASDAQ:PSMI) is a small cap designer, manufacturer and seller of radio frequency integrated circuits. GAMCO acquired shares a month after the company announced about signing a definitive agreement with Murata Manufacturing, under the terms of which, Murata will acquire Peregrine for $12.50 in cash, which brings the total transaction value to $471 million. Taking into account that GAMCO probably paid around $12.35 per share, it will still get some money from the acquisition.
The deal however might not go through since some of the shareholders of the company filed a lawsuit against the company’s board, accusing it of selling the company to cheap. Under the current price, shareholders consider that the company is undervalued and many long-term shareholders of Peregrine Semiconductor Corp (NASDAQ:PSMI) will lose money. The stock trades currently trades 16% below the price it opened at its IPO day and has had highs of around $18, back in 2012.
Another significant shareholder of Peregrine Semiconductor Corp (NASDAQ:PSMI) is Daniel Gold‘s QVT Financial, which owns more than 3.25 million shares, or 9.73% of the company.
In SL Industries, Inc. (NYSEMKT:SLI), GAMCO’s stake amasses 436,600 shares, being the largest of the aggregate position held by the funds affiliated with Mr. Gabelli. The stock of the company surged by over 80% since the beginning of the year, a significant boost starting since August amid the company disclosing a significant improvement in its financial results. For the second quarter, SL Industries, Inc. (NYSEMKT:SLI) reported EBITDA of approximatelly $9.0 million, up from $4.0 million in the same period of last year. Moreover, the EPS surged to $1.34 from $0.48.
Among other shareholders of SL Industries, Inc. (NYSEMKT:SLI) is Steel Partners, led by Warren Lichtenstein, which owns 994,500 shares as of the end of June.
Disclosure: none
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