GAF Holders OK Bid: GAF Corp. shareholders...

GAF Holders OK Bid: GAF Corp. shareholders overwhelmingly approved a $1.47-billion buyout by a group led by the specialty chemical company’s Chairman and Chief Executive Samuel Heyman. Of 27.8 million outstanding shares, more than 19 million were voted in favor of the management buyout. GAF shareholders will receive $46 per share in cash plus subordinated debentures designed to have a value of $7 per share. Heyman told shareholders that Morgan Stanley & Co. will establish an interest rate for the debentures at the end of next week or the following week. A special committee of independent directors approved the offer in October, 1988, after Heyman’s group sweetened the offer from about $1.4 billion.