An investigation on behalf of investors of JPS Industries, Inc. (OTCMKTS:JPST) in connection with the proposed takeover was announced and OTCMKTS:JPST stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/04/2015 -- An investigation on behalf of investors, who currently hold shares of JPS Industries, Inc. (OTCMKTS:JPST), was announced concerning whether the takeover of JPS Industries, Inc. by Handy & Harman Ltd at $10.00 per share is unfair to OTCMKTS:JPST stockholders.
Investors who purchased shares of JPS Industries, Inc. (OTCMKTS:JPST) and currently hold any of those OTCMKTS:JPST shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of JPS Industries, Inc. breached their fiduciary duties owed to OTCMKTS:JPST investors in connection with the proposed acquisition.
On January 26, 2015, Handy & Harman Ltd. (Nasdaq: HNH) announced that one of its wholly owned subsidiaries, Handy & Harman Group Ltd.("HNH Group"), through one of HNH Group's wholly owned subsidiaries, HNH Group Acquisition LLC (the "Purchaser"), has commenced the fully-financed tender offer, previously announced on January 22, 2015, to purchase up to 10,028,724 shares, or approximately 96.5% of the outstanding shares, of common stock of JPS Industries, Inc.(Pink Sheets: JPST) (the "Company" or "JPS"), at a price of $10.00 per share in cash to all stockholders other thanSPH Group Holdings LLC ("SPHG Holdings"), a subsidiary of Steel Partners Holdings L.P. (NYSE: SPLP) ("SPH"), the parent company of HNH, and with respect to the shares owned by SPHG Holdings, in exchange for common stock of HNH.
However, the investigation concerns whether the offer is unfair to OTCMKTS:JPST stockholders. More specifically, the investigation concerns whether the JPS Industries Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
JPS Industries, Inc. reported that its Total Revenue rose from $158.31 million for the 12 months period that ended on October 27, 2012 to $162.84 million for the 12 months period that ended on November 1, 2014 and that its respective Net Income increased from $1.27 million to $5.54 million.
On February 2, 2015, OTCMKTS:JPST shares closed at $9.54 per share
Those who are current investors in JPS Industries, Inc. (OTCMKTS:JPST) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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