GenCorp Rebuffs Offer From Steel Partners

From Bloomberg News

GenCorp Inc., a maker of aerospace components, rejected a $17-a-share takeover offer from investment fund Steel Partners, saying the price was inadequate and not in the best interest of shareholders.

GenCorp said it would proceed with a plan to sell 7.5 million shares and $50 million of convertible debt. The Rancho Cordova, Calif.-based company also said it secured a new $175-million bank loan.

GenCorp shares fell 50 cents to $16.59 on the NYSE.