Union Carbide said it will review GAF’s offer.

However, in its first public response to the unsolicited $4.12-billion tender offer, the chemical giant said there was “no need” for its shareholders to tender their stock or otherwise “take any action with regard to their stock” until Union Carbide’s board considers the bid. In a filing with the Securities and Exchange Commission, GAF--a Wayne, N.J.-based specialty chemicals and building products concern--said it will sell Union Carbide’s consumer products unit, its metals and carbon products businesses and certain technology and specialty products operations if the merger takes place.