Ropak Corp.: The plastics manufacturer said Monday...

Ropak Corp.: The plastics manufacturer said Monday that it has set up an independent committee to review a formal proposal from a British competitor to buy the company.

Privately held Linpac Mouldings Ltd. of Birmingham, England, which already owns an 8.5% stake in Ropak, is offering $10.50 a share in cash for the remaining stock of the Fullerton company.

The Roper family, which founded the company in 1978, controls a 25.4% stake in Ropak. They have said that they favor the merger.