GenCorp Offers to Buy Local Defense Contract
A major shareholder of Aerojet’s parent company - GenCorp has made an unsolicited offer to buy the local defense contractor.
Thursday, November 11, 2004
Steel Partners Two LP, a New York-based hedge fund, blasted GenCorp's leadership in a letter to its board of directors, and offered to acquire it for a price that values the company at seven hundred seventy million dollars. Steel called GenCorp's moves this week to sell more than eight point six million shares of stock and up to seventy five million dollars in convertible debt as quote "another example of the incorrect and misguided business decisions that its board continues to make" unquote. Steel, Gencorp's third largest shareholder, made a buyout offer at seventeen dollars a share. Gencorp acknowledged receiving the letter, but had no immediate comment.For the Business Journal, this is Mark Larson