GENCORP &lt;GY> GROUP TO SEEK ANTI-GREENMAIL VOTE

  GAMCO Investors Inc, an affiliate of
  Gabelli and Co, plans to propose an anti-greenmail provision at
  the GenCorp Inc annual meeting March 31, according to GAMCO
  Chairman Mario Gabelli.
      Greenmail often involves the repurchase of shares at a
  premium by a company from an unwanted investor. GenCorp today
  received a surprise tender offer from a group that holds 9.8
  pct of its stock.
      Gabelli also said GAMCO has sent a 13-D filing to the
  Securities and Exchange Commission on the 6.5 pct of GenCorp
  stock held by GAMCO and its affiliates.
      The stock amounts to 1,462,000 shares and most of it was
  reported in an earlier 13-G filing. A 13-G is filed by passive
  investors to show holdings of more than five pct.
      Earlier today, General Partners, owned by Wagner and Brown
  and AFG Industries Inc, launched a 100 dlr per share tender
  offer for GenCorp. Analysts said the offer was between 10 and
  20 dlrs per share too low.
      GenCorp has made no comment on the offer.
      Gabelli said he also proposes that management consider
  spinning off all assets, other than the GenCorp broadcast
  properties, to shareholders. The licenses of the broadcast
  properties have long been entangled in a series of challenges.
      "One thing is going to be clear and that is I'm going to
  the meeting and putting up "no greenmail," Gabelli said.
      Gabelli said he fears that greenmail might be a motivation
  in the offer.
      The annual meeting is to be held in Akron, Ohio.
  

