P.M. BRIEFING : GAF Shareholders Approve Buyout

<i> From Times wire services </i>

GAF Corp. shareholders today overwhelmingly approved a $1.47-billion buyout by a group led by the specialty chemical company’s chairman and chief executive, Samuel Heyman. GAF shareholders will receive $46 per share in cash, plus subordinated debentures.

GAF is one of the world’s two largest producers of acetylene-based chemicals. Heyman’s initial offer to buy GAF came about a year after GAF lost its 1986 battle to take over Union Carbide Corp.

GAF and its vice chairman, James Sherwin, are currently on trial in Manhattan federal court for allegedly trying to manipulate the price of Carbide’s shares.