UPDATE 1-American Securities pays $411 mln for GenTek

Newswire

NEW YORK, Sept 28 (Reuters) - GenTek Inc , a maker of specialty chemicals and vehicle engine components, said on Monday it has agreed to a takeover by a subsidiary of private equity firm American Securities LLC for $411 million in cash. The American Securities unit will assume about $262 million in debt. Under terms of the deal, ASP GT Acquisition, a subsidiary of American Securities, will pay $38 per GenTek share, a 41 percent premium over Friday's closing price of $27 on the Nasdaq. ...

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