Ropak Says Appeals Court Upholds Buckhorn Ruling

Ropak Corp. said a U.S. Court of Appeals has upheld a lower court ruling granting an injunction against certain actions taken by Buckhorn Inc., a Milford, Ohio, maker of plastic containers, in its defense against Ropak’s takeover bid.

A spokesman for the Fullerton maker of plastic containers, said the injunction permanently bars Buckhorn from implementing its “poison pill” rights plan, which provides that if more than 50% of its stock is purchased by a single holder, the remaining holders can convert their stock to promissory notes at values of $6 per common and $10 per convertible share. It also forbids the voting of shares, as well as the further acquisition of shares, by Buckhorn’s newly formed ESOP (Employees’ Stock Ownership Plan).