Likely to reduce their overall basis in the investment they have in MYE.
As to putting someone on the Board next year, many institutional investors have not actively solicited proxy votes in the past two proxy seasons given the cost (easily could cost $300,000) to see how the SEC's proxy access system would work. Given that proxy access will be in place shortly, my guess is Myers is about to receive a notice from GAMCO about putting two people on the board next year.
So GAMCO will have saved about $500,000 for solicitation costs, while Myers management and Board likley spent $500,000+ to defend their positions, and at the next meeting Myers shareholders will be able to vote on the GAMCO slate without GAMCO having to spend a dime.
Pretty smart of GAMCO if you ask me.
I assume the Board will throw two of the Board members off and give those seats to GAMCO to avoid the embarassment of a loss. Any thoughts about who they'll ask to leave? Johnston? Kissel? Orr?