	investor group puts pressure on gencorp gy an investor group trying to uire gencorp inc said it would move to unseat the board of directors and take other action if gencorp refuses to discuss a billion dlr takeover bid general uisition co a partnership of wagner and brown and afg industries inc afg reiterated in a statement sent to gencorp on friday that it was willing to negotiate its earlier offer of dlrs a share for the tire broadcasting plastics and aerospace conglomerate analysts have speculated gencorp could fetch at least to dlrs per share if broken up gencorp officials declined to comment on the statement but a spokesman reiterated a request to shareholders to wait until the board renders an opinion before making a decision on the offer gencorp has said a statement would be made on or before the company s annual meeting on tuesday general uisition said the board could not carry out its duties to shareholders and make an informed decision until it has explored with us the ways in which our offer can be revised to provide greater value to your shareholders general uisition added it was aware the board may be reviewing alternative transactions which might provide gencorp shareholders with a payment other than cash if that is the case you should recognise that our additional equity capital may very well enable us to offer cash and securities having greater value than gencorp could provide in any similarly structured transaction it said it added gencorp s board had an obligation to present any alternative proposal to shareholders in a way that allowed competing offers general uisition requested it be given a chance to bid on a competitive and fair basis before any final decision was made on any other buyout proposal the statement repeated the request gencorp remove a poison pill preferred share purchase rights to shareholders making any takeover more expensive it said it might take legal action or seek the support of shareholders in calling a special meeting to replace the board and consider other proposals gencorp should not accept any other proposal containing defensive features it said reuter 
