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Priced at $17.50 a Share, Raises $105 Million Rye, NY, February 11, 1999 -- Gabelli Asset Management Inc. (NYSE: GBL) announced today that it sold six million Class A common shares through underwriters led by Merrill Lynch & Co. and Salomon Smith Barney at $17.50 per share to net $96 million after fees and expenses of the offering. As reported previously, the company intends to use the proceeds for general corporate purposes including working capital and the expansion of its business through new investment product offerings, enhanced distribution and marketing of existing investment products, upgraded management information systems and strategic acquisitions as opportunities arise. Gabelli Asset Management Inc. manages approximately $16 billion of investment assets in mutual funds, investment advisory and private accounts. The Company also owns Gabelli & Company, Inc., a registered broker-dealer firm and co-manager of today's underwriting. For Further Information Contact:
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