British Firm Opens Tender Offer of $11 a Share for Rest of Ropak

A British company seeking to take over Ropak Corp. said Tuesday that it has begun its tender offer of $11 a share for the Fullerton packaging company’s remaining stock that it doesn’t already own.

Linpac Mouldings Ltd. in Birmingham, England, which owns 57% of Ropak, increased its tender offer price from $10.50 a share, which a committee of outside directors had rejected previously as too low. The board decided not to make a recommendation to shareholders on the latest offer.

The founding Roper family already has sold its stock to Linpac and recommended that shareholders accept the latest tender offer, which expires at midnight May 2.