	investor group puts pressure on gencorp gy an investor partnership seeking to uire gencorp inc said it would attempt to unseat the company s board of directors and take other hostile actions if the firm refuses to discuss its billion dlr takeover bid general uisition co comprising investors wagner and brown and glass maker afg industries also reiterated its willingness to negotiate with gencorp the partnership has earlier offered dlrs per share for gencorp a tire broadcasting plastics and aerospace conglommerate analysts have speculated that gencorp on a break up basis could fetch more than to dlrs per share gencorp officials had no comment on general uisition s statement but a spokesman reiterated an earlier request to shareholders to wait until its board renders an opinion before making a decision on the general uisition tender gencorp said its statement would be made on or before the company s annual meeting scheduled for tuesday general uisition made its statement in a letter sent to the gencorp board on friday the partnership said it was willing to negotiate all points of its offer including price the group the board cannot fully carry out its fiduciary duties to gencorp shareholders and make a fully informed decision about its offer until it has thoroughly explored with us the ways in which our offer can be revised to provide greater value to your shareholders general uisition said it is 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 recognize 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 the partnership said general uisition also said it believes that gencorp s board has an obligation to present any alternative transaction it may propose to shareholders in a manner that would allow for competing offers the partnership requested that if any other proposal is under consideration that it be given the same information available to gencorp s managers and advisers in constructing a proposal general uisition said that if gencorp agrees to accept another buyout proposal that it also be given an opportunity to bid on a competitive and fair basis before any final decision is made general uisition repeated its request that gencorp remove its poison pill or shareholders rights plan general uisition said if gencorp does not allow an environment for fair competition it will take all steps necessary to create such an enviroment it said it may take legal action or seek the support of shareholders in calling a special meeting to replace the board and to consider other proposals it might develop general uisition also said if the board decides to accept an alternate proposal it asked that it not accept a plan that would include defensive features reuter 
