Ropak Raises $30 Million to Acquire Buckhorn Inc.

Continuing its efforts to acquire Buckhorn Inc., a Milford, Ohio, maker of plastic containers, Ropak Corp. has raised more than $30 million to finance its cash tender offer for all shares of Buckhorn stock.

A spokesman for Ropak, a Fullerton-based maker of plastic containers, said that the company has raised about $10 million more than it needs to buy the stock and pay all related costs. He said that the funding was arranged through Ropak Holdings, a subsidiary set up specifically to arrange the financing for the tangled takeover bid.

The spokesman said that Ropak’s bank lender, which he declined to identify, is providing the company with revolving credit of up to $23 million, and that the New York branch of Banque Paribas is providing a margin loan of about $9 million.

Ropak said that it will pay $4.25 per common share and about $5.88 per preferred share if the two companies approve a merger by the deadline. The deadline for Buckhorn stockholders to tender their shares has been extended from Feb. 6 until midnight EST Feb.9, although that deadline may be pushed forward.