FULLERTON — Ropak Corp., a major manufacturer of plastic shipping containers, said Tuesday that a special directors committee has hired an investment banking firm to evaluate a $53-million bid for the company.
The committee of three outside directors retained Wertheim Schroder & Co. Inc. in New York to review the cash offer of $10.50 a share from Linpac Mouldings Ltd. in Birmingham, England, and determine if it is fair to minority shareholders.
The Roper family, which controls 25.4% of the stock, favors the sale of the company. Linpac owns 8.5%.
Ronald W. Cameron, a Ropak executive, said the acquisition price would be worth $80 million because Linpac would pay $53 million for the stock it doesn't own and assume about $27 million in Ropak debt.
Ropak shares were up 12.5 cents Tuesday to close at $10.25 in Nasdaq trading.