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A drastically adjusted buyout bid for GAF...

A drastically adjusted buyout bid for GAF Corp. led by Chairman Samuel J. Heyman won acceptance from the board of directors, offering shareholders nearly $1 billion less than they would have gotten if the stock market had not crashed. The Wayne, N.J.-based specialty chemicals and building products concern said the $1.46-billion offer was endorsed by a special non-management board committee and then the board itself, with one dissenter. GAF said the latest offer would pay stockholders $53 in cash and securities for each share--$46 in cash plus debt securities intended to have a value of at least $7.


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