A group boosted its bid for GAF...

A group boosted its bid for GAF Corp. to $1.4 billion from $1.3 billion. The group is led by Chairman Samuel J. Heyman, a wealthy corporate raider who led a financial turnaround at GAF in his five years at the helm. He is best known for a failed bid to take over Union Carbide Corp. in which he netted $250 million for GAF. He has sought a GAF leveraged buyout as a way of streamlining the company to pursue corporate acquisitions. Key GAF managers are also participating in the deal. The new offer includes $46 cash per share and securities with a $6.50 face value and $5 of liquidation value. The prior offer was $40 per share and $8.50 of securities. The company said shareholders will be asked to vote directly on the bid, which was rejected by independent board members.