A group plans to make an offer for Hammermill.

The investor group that owns nearly 20% of Hammermill Paper’s stock plans a tender offer to buy the remaining shares for $52 each, or about $722 million, the group’s financial adviser said. Hammermill, based in Erie, Pa., is one of the nation’s leading paper products companies and a major producer of fine writing papers. The group seeking to acquire Hammermill is led by Paul Bilzerian, a Sacramento-based investor.