text: Investor Paul Bilzerian said he has offered to buy all of the Pay N Pak Stores Inc stock he does not already own in a proposed 19 dlr a share cash merger. In a filing with the Securities and Exchange Commission Bilzerian said he made the proposal in a letter to Pay N Pak Chairman David Heerensperger. Bilzerian said he proposed buying the Kent Wash.-based retailing company through a new company he would set up which would buy up all the Pay N Pak common shares at 19 dlrs each. The Florida investor reported Monday that he has 1000000 mln Pay N Pak common shares or 9.9 pct of the total outstanding common stock. He initially disclosed last Friday that he had bought 7.2 pct of the companys stock for investment purposes but said he might increase his stake seek representation on the companys board or launch a tender offer. Reuter
target: BILZERIAN BIDS 19 DLRS/SHARE FOR PAY 'N PAK <PNP>