Steel Partners Pulls Offer for GenCorp

Steel Partners II withdrew its $17-a-share offer for the stock it doesn’t already own in GenCorp Inc. to evaluate other investment options in the spacecraft-parts maker.

GenCorp, based in Rancho Cordova, Calif., rejected the offer Nov. 15, saying the price was inadequate, and said it would proceed with plans to sell as many as 8.6 million shares, refinance $80 million in debt and secure a $175-million loan. GenCorp priced a public offering of 7.5 million shares at $16 each.

Steel Partners will evaluate all options regarding its investment in GenCorp, including a proxy contest to obtain board representation, selling some or all of its GenCorp shares or renewing its efforts to buy the company, according to the letter.

Shares of GenCorp fell 16 cents to $17.10 on the New York Stock Exchange.