American Securities to buy about 93% of GenTek's shares in offer

By Lisa Kerner

Charlotte, N.C., Oct. 28 - American Securities LLC said approximately 9,593,530 shares representing about 93% of GenTek Inc.'s common stock were tendered and not withdrawn in its offer that ended at midnight ET on Tuesday.

According to American Securities, all shares that were validly tendered were accepted for payment at the offer price of $38 per share, net to the seller in cash, without interest and less any applicable withholding taxes.

The offer was completed by ASP GT Holding Corp. and ASP GT Acquisition Corp., wholly owned subsidiaries of investment funds managed by American Securities.

ASP GT Holding will complete a short-form merger under Delaware law after which GenTek's common stock will cease trading on the Nasdaq Global Select Market.

In September, GenTek agreed to be acquired by American Securities in a deal valued at $673 million including the assumption of debt.

GenTek is a Parsippany, N.J., manufacturer of industrial components and performance chemicals.

American Securities is a private equity firm with offices in New York and Shanghai.

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