ATLANTA—Caraustar Industries Inc. said it might make a takeover bid for Britton Group plc, a London folding carton and plastic film firm.
Caraustar of Atlanta said Oct. 9 it is considering a cash offer of £1.2 ($1.95) per share for a total of about $270 million. It said it has approached Britton's board, but neither side has made a decision.
Britton runs six U.S. folding carton plants through its Universal Packaging Corp. subsidiary in Bow, N.H. It extrudes and converts film through several subsidiaries in the United Kingdom. Britton reported 1996 sales of $361 million.
Britton recently said it will invest £8 million ($13 million) in its plastics unit and was considering more acquisitions after buying six plants last year. Britton operates 50 blown and four cast film lines with total annual capacity of 143 million pounds, mainly polyethylene and polypropylene.