GAF <GAF> STUDYING BORG-WARNER <BOR> PLAN
GAF Corp is studying an agreement
under which Merrill Lynch Capital Partners will take
Borg-Warner Corp private in a 4.23 billion dlr transaction, a
GAF spokesman said.
    The spokesman had no further comment.
    Analysts said there was speculation GAF would make a new
offer for the Chicago-based plastics and automobile parts
company. Borg-Warner's stock rose 7/8 to 49-1/4, above the
Merrill Lynch 48.50 dlrs per share tender offer price.
    Merrill Lynch Capital Partners, a unit of Merrill Lynch and
Co, is tendering for 89 pct of Borg-Warner and offering a
package of cash and securities for the balance of the shares.
    GAF had offered 46 dlrs per share previously. It holds 19.9
pct of Borg-Warner's stock.
 Reuter
