Bill Gates' private investment firm, Cascade Investment, and Gabelli Asset Management have reached an agreement, Reuters reported

Gates will not exercise his $100 million, 10-year convertible note in Gabelli this year. The new exercise date will be April 1, 2005.

In July, Gabelli officials announced that the exercise date on the debt, worth approximately six percent of the company, was pushed back to August.

Cascade and Gabelli entered into the agreement in 2001.

Gabelli also disclosed in an SEC filing that Royce & Associates, another investor in the company, recently doubled its stake from 345,900 shares to 708,000 shares. The new holding is worth approximately 10.4 percent of the share class. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE