A Piece Of Gaf Goes Public

Samuel Heyman is back, quietly. Two years after taking GAF private in a $1.5 billion leveraged buyout, the head of the specialty chemicals company has filed plans to take part of it public again.

A newly formed subsidiary, called International Specialty Products, will offer up to 20% of its common stock this June at share prices estimated to range from 13 1/2 to 15 1/2. GAF will probably use the anticipated $250 million in proceeds to pay down some of its remaining $1 billion in LBO-related debt. There's also talk on the Street that Heyman, who took over GAF in a bitter proxy fight and then mounted a two-year hostile bid for Union Carbide, may again be on the acquisition trail.