TORONTO - Samuel Manu-Tech Inc. is competing against A.J. Gerrard & Co. for Interlake Corp.'s packaging businesses, comprising plastic and steel strapping operations. Toronto-based Samuel Manu-Tech said July 31 it made an unsolicited offer for the businesses, which Interlake signed a letter of intent in April to sell to A.J. Gerrard & Co. of Des Plaines, Ill.
``The Gerrard proposal was attractive to Interlake,'' W. Robert Reum, chairman, president and chief executive officer of Lisle, Ill.-based Interlake, said in a news release. ``However, the [Samuel Manu-Tech] offer represents an even better opportunity for Interlake's shareholders.''
Officials did not disclose terms of either offer.
``We haven't gone away and we won't go away,'' Gerrard Chairman, President and Chief Executive Officer Tony Tako said Aug. 1. He refused to elaborate.
Samuel Manu-Tech sees the Interlake businesses as a ``good fit'' and is especially interested in the plastic operations, Ernest Samuel, chairman and majority shareholder, said in a telephone interview.
Samuel said the Interlake deal will not delay his firm's plan to install two PET strapping lines at its Fort Mill, S.C., operation, which it acquired earlier this year as part of Wilton Packaging Products of Winchester, Tenn.
Gerrard made its bid to diversify into plastic strapping, which accounts for about half of the Interlake businesses' $141 million in annual sales.