ERIE, Pa. (AP) _ Hammermill Paper Co. directors will study a $52-per-share tender offer for all of Hammermill's outstanding common shares made by a group led by California investor Paul Bilzerian, the company said.

W. Craig McClelland, president and chief executive officer of the paper manufacturer, said Hammermill will consult with outside legal and financial advisers and will advise shareholders of its conclusion and recommendations before Aug. 7.

''In the interim, there is no need for Hammermill shareholders to take any action with respect to the offer,'' McClelland said in a statement released Sunday.

Bilzerian's group launched a $900 million unsolicited takeover move last week. He said his group holds nearly 20 percent of Hammermill's 16.7 million common shares outstanding.

Hammermill, a leading manufacturer of fine writing and printing papers, fought off an earlier takeover attempt by New York financier Carl Icahn.

The company earned $28.9 million, or $1.73 a share, on sales of $1.88 billion in 1985. For the first half of 1986, the company earned $33.5 million, or $1.91 a share.