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BRIEFLY

A federal judge turned down a Carbide request.

January 16, 1986

Union Carbide had asked the judge in New Haven, Conn., to require GAF Corp. to give at least 24 hours' notice before buying more than 5% of Carbide's outstanding stock. Carbide had argued that GAF could buy a controlling interest in the company in as little as one day--preventing Carbide from pursuing a legal challenge to the move. More than 60% of Carbide's shares is held by arbitrageurs, who buy and sell stock for quick profits. GAF recently gave up an attempt to take over the far-larger Carbide for $5.5 billion but retained ownership of 10% of Carbide's shares.

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