	gencorp gy group holds pct stake general partners a texas general partnership equally owned by affiliates of wagner and brown and afg industries inc afg said it currently holds common shares or about pct of gencorp inc s gy outstanding common stock general partners said it began a dlrs a share cash tender offer for all of gencorp an akron ohio based concern that is worth nearly billion dlrs gencorp which has interests in tire and plastic making aerospace and broadcasting has about mln shares outstanding the general partners offer is subject to receipt of financing a majority of gencorp shares and other conditions in a letter to gencorp chairman and chief executive a william reynolds describing the offer general partners said it was willing to negotiate terms of the offer and was prepared to meet as soon as possible in a statement general partners said it has contributed mln dlrs in equity financing and also has commitments for a one billion dlr credit line from wells fargo and co wfc and a billion loan from shearson lehman brothers holdings inc a unit of american express co axp a gencorp spokesman said the company s management was meeting but that its board was not scheduled to meet today he said he was not sure the company had formally received notice of the offer but was aware of it through press accounts he declined to say what gencorp s next move might be or whether it would issue a statement later today in the letter general partners said it plans to maintain gencorp s corporate headquarters in akron and retain the company s plastics and industrial products businesses and its tires and related products segment the letter did not mention gencorp s rko general broadcasting subsidiary which has been involved in disputes over license renewals at several of its television stations gencorp has agreed to sell two of its independent stations wor in the new york area and khj in los angeles general partners officials were not immediately available gencorp shares were delayed at the opening on the new york stock exchange because of an imbalance of orders and the nyse said the shares were indicated to open at to the shares closed up two yesterday at a new week high the financing for the offer includes the mln dlrs in equity from general partners the billion dlr loan from shearson lehman brothers a senior subordinated bridge loan for which a binding agreement can be delivered within hours after a request from the partnership and the one billion dlr credit line from wells fargo wells fargo has agreed to lend up to mln dlrs of the line itself and form a syndicate of banks to provide the rest the partnership said shearson lehman brothers inc will act as dealer manager in the tender offer it said in the letter the partnership said it was confident it could obtain the financing and close the transaction promptly last fall afg and privately held wagner and brown offered to uired lear siegler inc for about billion dlrs but withdrew the offer when higher bids emerged lear siegler eventually went private for about billion dlrs reuter 
