Gaf to Try Takeover of Union Carbide / in $4.12 Billion Deal
NEW YORK (AP) - GAF Corp. announced Monday it will attempt to take over Union Carbide Corp. in a $4.12 billion, two-pronged bid for the 90 percent of the far larger chemical company it does not already own.
Wall Street had speculated on GAF possibly bidding for Union Carbide since August, when the New Jersey-based maker of chemicals and building materials disclosed it was purchasing Union Carbide stock.
GAF currently owns 6.961 million shares of Union Carbide stock, or about 10 percent, for which it paid about $304 million.
Union Carbide, which is undergoing an extensive financial reorganization and is contending with the legal aftermath of a chemical leak …
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Publication information:
Article title: Gaf to Try Takeover of Union Carbide / in $4.12 Billion Deal.
Contributors: Not available.
Newspaper title: THE JOURNAL RECORD.
Publication date: December 1, 1985.
Page number: Not available.
© 2009 THE JOURNAL RECORD.
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