Life Technologies Corp. (LIFE) is a California based biotechnology company focused on reagents and scientific instruments. On April 15, 2013, Thermo Fisher Scientific announced it would acquire Life for $76 cash per share in a $13.6 billion merger. Shareholders approved the deal in August of 2013 and the merger was completed on February 3, 2014, after regulators in the U.S., European Union, and China approved it. As part of the merger agreement, the Fund received an incremental $0.13 per share in the form of a ticking fee, since the deal did not close by January 14, 2014. The Fund's return was 5.92%.
From Mario Gabelli (Trades, Portfolio)'s first quarter 2014 ABC Fund commentary.
