Speculator Gains on Digital Insight Trading Spread
WALL STREET – Well-known speculator Mario Gabelli reported he raised his stake in Internet services provider Digital Insight over the past few weeks to 6.3%, buying up another 300,000 shares just under the $39-a-share price the company has agreed to be acquired for by Intuit. As a result, Gabelli, who has acquired more than two million Digital Insight shares, stands to earn more than $1.2 million on his Digital Insight stake when the deal is completed, according to a filing with the Securities and Exchange Commission. Digital Insight shares closed at $38.81 yesterday, just below the $39 acquisition price. The deal has obtained clearance from antitrust regulators at the Federal Trade Commission. Digital Insight is one of the best known outsourcers for credit unions and provides Internet banking services for about 700 credit unions.