Investment fund Steel Partners II offered Thursday to buy the remaining stock it doesn't already own in aerospace and chemical firm GenCorp Inc. for about $770 million. The news drove GenCorp's stock to a 52-week high.
Steel Partners, GenCorp's second-largest institutional owner, has been critical of management at Rancho Cordova, Calif.-based GenCorp.
Steel Partners offered $17 a share in cash for GenCorp, a 20% premium over Wednesday's closing price of $14.15, for the 90% of shares that it doesn't own.
GenCorp issued a statement saying it had received the Steel Partners offer and was meeting with advisors to consider its response.
In a letter to GenCorp, Steel Partners rebuked the company's management and its board for making mistakes in allocating its capital and doing a poor job in managing day-to-day business operations. Steel Partners also complained about "the recent sale of the GDX Automotive businesses at a loss of over $300 million."