GENCORP &lt;GY> SAYS BUYBACK BETTER THAN TAKEOVER

  GenCorp Inc said the decision by
  General Partners, comprised of AFG Industries and Wagner and
  Brown, to end its hostile offer for the company supports its
  belief that the buy back offer it announced yesterday was a
  "financially superior alternative."
      GenCorp said it would annouce details of its plans to buy
  back 54 pct of its stock for 1.6 billion dlrs, or 130 dlrs a
  share, later this week. GenCorp's buy back was made to fend off
  the hostile 2.3 billion dlr, 100-dlr-a-share, tender offer by
  AFG and Wagner and Brown.
      Earlier today AFG and Wagner and Brown said that without
  the benefit of additional information available to GenCorp's
  management, it cannot compete economically with GenCorp's
  proposal.
      The group said it is ending its tender offer for GenCorp
  and promptly return to tendering shareholders all shares
  tendered pursuant to its offer.
      The group owns 9.8 pct, or 2,180,608 shares, of GenCorp's
  outstanding shares.
  

