ROPAK <ROPK> HAS 34 PCT OF BUCKHORN <BKN>
Ropak Corp said it received
and accepted about 456,968 common shares and 527,035 Series A
convertible preferred shares of Buckhorn Inc at four dlrs and
5.75 dlrs each respectively in response to its tender offer
that expired Friday, and it now owns 34.4 pct of Buckhorn
voting power.
    The company had owned 63,000 common and 25,100 preferred
shares before starting the hostile tender.  Ropak said it is
borrowing the funds needed to buy the Buckhorn shares from its
bank lender and will not need to use any funds that another
bank had committed to provide under a margin loan.
    Ropak said it waived minimum acceptance requirements to buy
the shares and intends to evaluate a number of possible ways of
completing an acquisition of Buckhorn.  It said it hopes that
Buckhorn's board will reevaluate its position and enter into
meaningful negotiations.
 Reuter
