(Alliance News) - Merger investor Gabelli Merger Plus+ Trust PLC on Tuesday reported a rise in interim assets.
The investment trust's net asset value at the end of its first half, December 31, was USD9.83 per share, up from USD9.71 at June 30.
The total return was 3.8% compared to the 0.7% achieved the year prior.
Gabelli has declared an interim dividend of USD0.24 per share, unchanged from the year before.
Gabelli's pretax profit for the half was USD3.7 million, from USD1.2 million the year before, with total investment income rising to USD516,000 from USD339,000.
Gains on investments jumped to USD5.1 million from USD1.2 million.
There were a number of large M&A transactions over the period, the company said, including Bristol-Myers Squibb Co's USD90 billion deal for Celgene Corp and IBM Corp's USD34 billion takeover of software firm Red Hat Inc.
Investments held by Gabelli that were taken over include pharmaceutical firm Allergan PLC, bought by AbbVie Inc for USD84 billion, as well as UK defence firm Cobham PLC, purchased by Advent International Corp for GBP4 billion.
Shares were untraded in London on Tuesday, last trading at USD5.85 per share.
By George Collard; georgecollard@alliancenews.com
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Gabelli Merger (GMP)