| Abrams Capital Goes After GenTek |  |
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| Friday, 05 October 2007 | |
Abrams Capital Goes After GenTekNEW YORK, NY , (NAMC) - GenTek (NASDAQ: GETI) is putting up the "NOT FOR SALE" sign as private equity comes knocking on the door. Just recently the company received a takeover bid from the Boston, MA based Abrams Capital which is run by David Abrams. The bid by Abrams for the chemical and industrial components maker was to the tune of $669.4 Million including the debt or $33.50 per share. In Abrams' SEC filing they stated that their fund controls, on a fully diluted basis, somewhere in the neighborhood of 2.5 million shares or 21.4% of the company. He continuned to state that his group has the financial capability to conclude this transaction quickly and as incentive to get this done he further included that they would be looking to retain current management. But GenTek's board didn't bite and this may lead to a hostile bid for the company, with over 20% of the company in his back pocket, Abrams may make this very interesting if he gets further support from other institutions that hold big positions in GenTek.
Lou Victor NAMC Newswire Note: NAMC Worldwide provides Investment Banking consulting services to both publicly traded and privately held companies, everything from capital raising to mergers and acquisitions. Other areas of focus are Private Equity Capital Raising and Private Commodity Transactions. This article can be republished either online or in print as long as credit is given to the author and the NAMC Newswire.
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