TORRANCE, Calif. (AP) _ A privately held New Zealand company offered $310.8 million Tuesday in a takeover bid for Standard Brands Paint Co., the West's leading retailer of home-decorating products.

Entregrowth International Ltd., an affiliate of Chase Corp. Ltd., offered $28 per share for Standard Brands' 11.1 million shares. The announcement sent the price of Standard Brands' stock up $1.50 to $29.50, an indication that Wall Street expects higher bids.

Officials for Standard Brands, which pioneered the home-decorating market in 1939 with its paint and wall-covering stores, had no comment other than to confirm it had received the offer and that its directors would consider it.

In the first quarter of this year, the company earned $3.1 million, or 28 cents per share, on sales of $79.3 million. In 1986, it netted $15 million, or $1.33 per share, on revenues of $326.6 million.

The company owns much of the land on which its stores sit, and much of the land is in prime downtown locations. It has 131 stores in 11 states.

Entregrowth Chairman Seph Glew said he viewed the purchase of Standard Brands as ''an ideal entry'' into the U.S. market.

He said that, if successful in the bid, he would turn some of Standard Brands' sprawling stores into smaller specialty paint outlets and consider selling some of its real estate holdings, indicating some stores may be closed.

Standard Brands also manufactures paint, stains, aerosol products and wood preservatives. It has about 4,000 employees.