S&P: GenCorp unaffected by purchase offer

GenCorp Inc. (BB-/negative/--) received a letter from one of its shareholders, Steel Partners II LP, offering to purchase the company for $17 a share. Standard & Poor's said its ratings and outlook on the propulsion supplier are not affected at this time, pending further developments.

The offer values the firm's equity at approximately $770 million based on the current number of shares outstanding, according to S&P.

S&P said it will monitor the situation and assess the impact on the company's credit quality if developments warrant.

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