PAY 'N PAK &lt;PNP> RECEIVES AMENDED PROPOSAL
  Pay 'N Pak Stores Inc said it
  received a revision to one of the two previously disclosed
  proposals to buy the company.
      Pay 'N Pak said that the proposal from a leveraged buyout
  firm had been amended to increase the dividend rate on the
  cumulative preferred stock to be received by PNP shareholders
  from 13.5 pct to 17.5 pct.
      As previoiusly announced, the proposal calls for a
  transaction in which PNP shareholders would receive a
  combination of 17.50 dlrs in cash and 2.50 dlrs in liquidation
  value of cumulative preferred stock for each common share.
     
      Under the other proposal received from Paul Bilzerian, PNP
  shareholders would receive on a blended basis 16.67 dlrs in
  cash and 3.33 dlrs in liquidation value of cumulative
  redeemable preferred stock for each common share, the company
  said.
      Under the Bilzerian proposal, the dividend rate on the
  preferred stock would be set so that in the joint opinion of
  the financial advisor to Bilzerian and the financial advisor to
  Pay 'N Pak, the preferred stock would trade at its liquidation
  value on a fully distributed basis, the company said.
  

