GAF said its two-pronged bid would begin with a cash tender offer for 48 million shares of Carbide common stock at $68 a share. Earlier this year, GAF bought 10% of Carbide's stock, which has been buoyed by takeover speculation and an extensive restructuring of Carbide's operations. The 48 million shares would raise GAF's stake to 80% of Carbide's outstanding stock. GAF said it intends to obtain the remaining Carbide shares through a merger agreement at $68 per share in cash or preferred stock. In another development, Dallas investor Harold C. Simmons and affiliates lowered their stake in GAF to 13.2% of the outstanding shares.
BRIEFLY For the Record A Times item on GAF and Carbide was incorrect.
Los Angeles Times Friday February 7, 1986 Home Edition Business Part 4 Page 2 Column 1 Financial Desk 4 inches; 108 words Type of Material: Column; Brief; Correction
An item published in Thursday's Briefly column incorrectly reported that GAF Corp. had launched another takeover bid for Union Carbide. GAF did not launch another takeover bid. The mistake arose because information was extracted from an outdated story that had been inadvertently saved in The Times' computer system. GAF Corp. said in a Securities and Exchange Commission filing Wednesday that it plans to retain its 10.6% stake in Union Carbide and will consider a number of options regarding its stake, including purchasing additional shares, seeking to influence the management and policies of the company, proposing a merger or other business combination or selling the shares. GAF said it hasn't made a decision to pursue any of the alternative courses of action.