GAF Raises Offer for Carbide

GAF Corp., upping the ante in its effort to buy Union Carbide Corp., today announced a new offer of $74 a share in cash for the 90% of Union Carbide Corp. stock it does not already own.

GAF previously bid $68 for each of 48 million shares. At Union Carbide’s Danbury, Conn., headquarters, spokesman Tom Sprick said the company had no comment on the latest GAF move. Wall Street responded by sending Union Carbide’s stock higher. By late morning, it was selling at $72 1/8 a share, up 1 1/8.