GenTek buyout by private equity firm receives antitrust clearance

By Cristal Cody

Tupelo, Miss., Oct. 8 - GenTek Inc.'s plans to be taken private for $411 million in cash, or $38 a share, received federal antitrust clearance, according to a listing of approved deals released by the Federal Trade Commission on Thursday.

Parsippany, N.J.-based GenTek, which provides system products and parts for automotive and heavy-duty commercial engines, told Prospect News in September that the FTC review would be the only regulatory approval required for the takeover.

A subsidiary of New York private equity firm American Securities LLC, ASP GT Acquisition Corp., will acquire GenTek in a deal valued at $673 million, which includes the assumption of $262 million in debt and liabilities.

The tender offer is scheduled to expire on Oct. 27.

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