PARTNERS CALL GENCORP<GY> RESPONSE UNPRODUCTIVE
General Acquisition Co said it was
disappointed by Gencorp's response to its tender offer and
questioned how the company might give better value to
shareholders.
    Gencorp earlier urged shareholders to reject a 100 dlr per
share tender offer from the partnership, which includes Wagner
and Brown and AFG Industries Inc. The company said it was
studying financially superior alternatives.
   The partnership called the response inflammatory and
unproductive, particularly since it had attempted to discuss
the offer with Gencorp.
     The partnership said Gencorp failed to say how it would
provide a "superior value yet they continue their attempt to
prevent a satisfactory offer by failing to redeem their poison
pill." Poison pills are shareholder rights plan that make
takeovers more expensive.
    Gencorp said in its statement earlier that the date its
rights will trade separately from the common stock was extended
to April six from April three. It said the extension was
subject to further extensions by the board and is conditioned
on no person aquiring beneficial ownership of 20 pct or more of
Gencorp prior to April six.
    General Acquisition said it is confident its offer can be
completed in a timely manner using its financial arrangements.
    The partnership in its statement again urged management to
work with it to facilitate a transaction.
   
 Reuter
