The firm announced that the offer came from a director and four members of its management to purchase the company's Freezer Queen division. Freezer Queen is engaged in the preparation of frozen entrees in its Buffalo, N.Y., facility, and sells them primarily under the Freezer Queen brand to retail supermarket chains throughout the Eastern United States. The division's sales for the current fiscal year are projected to exceed $46 million. The company said the offer, which is subject to obtaining adequate financing, was made at a board meeting Oct. 18. No action will be taken until full consideration can be given to the offer and until other interested parties have had a chance to make proposals.