GAF &lt;GAF> GROUP RECONSIDERS BUYOUT BID
  GAF Corp said the management group
  led by chairman Samuel J. Heyman intends to reconsider its
  proposal to acquire GAF.
      On September 8, the group offered 64.00 dlrs in cash and
  2.50 dlrs principal amount of 15 pct junior subordinated
  debentures due 2007 for each GAF share.  Heyman owns about
  2,700,000 of GAF's 33.5 mln shares outstanding.
      In a letter to the committee of independent directors
  formed to consider the offer, Heyman said it will have to
  modify the terms of the offer if it is to continue the bid, due
  to rising interest rates and financial market conditions.
      Heyman said "In the considerable time that has elapsed
  since our original proposal was submitted, the credit and
  financial markets have experienced extraordinary and almost
  unprecedented deterioration.  As of the present time, the
  average interest rate on the financing which we proposed to
  raise in connection with the acquisition has increased, since
  the original proposal, by approximately 150 basis points."
      He said the group intends to promptly review all available
  options, including the revision of its offer to reflect current
  market conditions.
  

