Just two days after setting the date for its Associated Capital Group(AC) spinoff, GAMCO Investors(GBL) has pushed it back eleven days in order to “to coincide with month-end.” One wonders what went on behind the scenes that caused the Board(and by Board, we mean Mario Gabelli) to reconsider so quickly. Presumably, the Board was previously aware that November 19 was not the end of the month, but was unaware, that, for whatever reason, the end of the month was a more desirable time to do it. Perhaps this was the result of a belated consultation with their local astrologer?
Why is the end of the month advantageous for this spin? Please comment with your best answer, speculation, or joke.
Disclosure: The author holds no shares of any stock mentioned, but does own a calendar.
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