	gaf gaf group reconsiders buyout bid gaf corp said the management group led by chairman samuel j heyman intends to reconsider its proposal to uire gaf on september the group offered dlrs in cash and dlrs principal amount of pct junior subordinated debentures due for each gaf share heyman owns about of gaf s 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 uisition has increased since the original proposal by approximately basis points he said the group intends to promptly review all available options including the revision of its offer to reflect current market conditions reuter 
