The board of Hungarian plastics maker Pannonplast Muanyagipari Rt. (R.PNP) said Friday that a buyout attempt by U.S. venture capital firm Britton Interinvest LLC was hostile. Britton revealed last week that it holds a 12.5% stake in Pannonplast via its Hungarian subsidiaries, including paper packaging maker Kartonpack Dobozipari Rt. (R.KPK). Britton hasn't contacted Pannonplast's board, neither has it revealed its intentions, the Pannonplast board said Friday, while commenting on Britton's earlier criticism of Pannonplast's operations. "(Britton's) claims and its lack of intention to seek cooperation (with the management) make Pannonplast declare the buyout attempt hostile, and suggests shareholders should consider (the board's) arguments," Pannonplast's board said in a filing with the Budapest bourse. The board said Britton's claims that Pannonplast should divest non-core assets and activities foreshadow a breakup and sale of Pannonplast, which the board rejected as a threat to the company's existence. The board added that the company's structure - it operates in a holding - is efficient and appropriate. It said Pannonplast doesn't own assets for which it has no plans, as suggested by Britton. The board also questioned Britton's professional experience in the plastics industry, and said Pannonplast's statutes fall short of cementing the management's position, contrary to Britton's remarks, since Pannonplast's freefloat is practically 100%. The board's statement didn't comment on the latest development in the power struggle over Pannonplast - an announcement Friday from clothes maker Pevdi Divat Kft. on its acquisition of an 11.2% stake in Pannonplast. Domestic plastics peer Karsai Holding, which is held privately, also owns 10% of Pannonplast. The power struggle is likely to lead to a stormy annual shareholders meeting, scheduled for April 30. Speculation about Pannonplast's buyout, fueled by talk of management seeking a holding in the company, has driven the company's share price recently. Around 1345 GMT, Pannonplast shares were up HUF70 ($1=HUF233.16), or 4.4%, at 1,655 forints. The benchmark index was up 2.4%.