GAF <GAF> GROUP RECONSIDERS BUYOUT BID GAF Corp said the management group led by chairman Samuel J. Heyman intends to reconsider its proposal to acquire GAF. On September 8, the group offered 64.00 dlrs in cash and 2.50 dlrs principal amount of 15 pct junior subordinated debentures due 2007 for each GAF share. Heyman owns about 2,700,000 of GAF's 33.5 mln shares outstanding. In a letter to the committee of independent directors formed to consider the offer, Heyman said it will have to modify the terms of the offer if it is to continue the bid, due to rising interest rates and financial market conditions. Heyman said "In the considerable time that has elapsed since our original proposal was submitted, the credit and financial markets have experienced extraordinary and almost unprecedented deterioration. As of the present time, the average interest rate on the financing which we proposed to raise in connection with the acquisition has increased, since the original proposal, by approximately 150 basis points." He said the group intends to promptly review all available options, including the revision of its offer to reflect current market conditions.