A buyout offer was sweetened ‘after the fact.’

Investor Paul Bilzerian increased his cash and securities offer to acquire Kent, Wash.-based Pay ‘N Pak Stores Inc. the day after the company accepted a $212.5-million leveraged buyout offer from a group that included Chairman David Heerensperger. Bilzerian raised his tender offer to acquire the 9 million Pay ‘N Pak shares he does not already own to $17 cash and preferred stock with a face value of $5, for a total of $198 million.