Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of GenTek, Inc.
BENSALEM, Pa.-(Business Wire)-September 29, 2009 - Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of GenTek, Inc. (“GenTek” or the “Company”) (Nasdaq:GETI), related to the Company’s agreement to be acquired by ASP GT Acquisition Corp. (“ASP”) – a wholly-owned subsidiary of investment funds managed by private-equity firm American Securities LLC – in a cash transaction valued at approximately $673 million.
Under the terms of the definitive agreement entered into by the parties, ASP will commence a tender offer to purchase all of the outstanding shares of GenTek common stock for $38.00 per share. The tender offer is expected to commence on or before October 9, 2009, and to expire on the 20th business day from and including the commencement date, unless extended in accordance with the terms of the merger agreement and applicable SEC rules and regulations. Following completion of the tender offer, the parties will complete a second-step merger in which any remaining shares of GenTek will be converted into the right to receive the same price per share paid in the tender offer, and GenTek will cease to be a public company. Holders of GenTek’s Tranche C Warrants will have the right to receive a cash payment net of their per-share exercise price and $38.00. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to approval of the acquisition by the GenTek board of directors.
If you own shares of GenTek, Inc., if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.
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