	gaf gaf seeks all of borg warner bor gaf corp said it has made an all cash merger proposal to borg warner corp at dlrs per share for all the company s common stock following a meeting yesterday with borg warner officials and investment bankers gaf said it is today delivering a letter to the borg warner board outling the terms of the proposal that would be made by tender offer pursuant to a mutually acceptable merger agreement to be approved by the borg warner board and conditioned on that board s recommendation of the tender offer and merger gaf in its letter stated it intends to finance the proposed uisition entirely with its own funds and bank borrowings under a syndicated bank loan from a group of banks led by chase manhattan corp s cmb chase manhattan bank last week gaf increased its ownership of borg warner shares to pct of those outstanding minstar inc mnst sold its pct holding gaf emphasized the amicable nature of the proposed transaction which it characterized as a partnership gaf said it wanted to discuss with the borg warner board key roles for borg warner s senior management in the new organization board representation for borg warner directors on a newly constituted board and a company name change gaf said it will be filing an amendment to its d with the u s securities and exchange commission borg warner has about mln common shares outstanding minstar chairman irwin l jacobs sold his stake after borg warner after the company failed to respond to his mid february offer for a negotiated agreement at a minimum price of dlrs a share in november jacobs had offered to enter into uisition talks with borg warner based on a price of between and dlrs a share reuter 
