GAF <GAF> PLANS NO CHANGES IF OFFER ACCEPTED GAF Corp chairman Samuel Heyman told Reuters he did not foresee major changes in Borg-Warner <BOR> if GAF's 46 dlr-per-share offer to acquire Borg-Warner is successful. "We have great respect for Borg-Warner mangagement," Heyman said, following a speech at the American Institute of Chemical Engineers annual meeting. "We don't have any particular changes in mind." Earlier today, GAF announced that a 3.16-billion-dlr-offer was presented to the board of directors of the Chicago-based company. Last week, GAF had purchased additional shares of the company for 40-1/8 dlrs, increasing its stake in Borg-Warner to 19.9 pct. In 1985, GAF made an unsuccessful effort to acquire Union Carbide Corp for five billion dlrs, and has since expressed an interest in acquiring a chemical company that would complement its own chemical business. When asked whether GAF would consider selling the non-chemical assets of Borg-Warner if its takeover offer is accepted, Heyman declined to comment. He also refused to say whether GAF would consider increasing its the dollar value of its takeover offer if the initial proposal is rejected. Heyman emphasized that he considered the GAF offer to Borg-Warner to be a friendly one. "We think we made a fair offer that is good for Borg-Warner management and good for its shareholders," Heyman said. In his speech, Heyman said he feared too many chemical companies were attempting to specialize in the same high margin niche products. He said they were turning their backs on core commodity chemical businesses. Heyman said the chemical industry has taken a total of seven billion dlrs in pre-tax writeoffs during the past two years to trim balance sheets. He predicted that the U.S. chemical industry, which reported a total of 13 billion dlrs in 1986 profits, would see a 20 pct gain in earnings this year because of increasing exports, cheaper feedstock costs and the weakened U.S. dlr.