NEW YORK, Jan. 26, 2015 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the proposed acquisition of JPS Industries, Inc. (OTC: JPST) ("JPS" or the "Company") on behalf of its' shareholders. Handy & Harman Ltd. ("HNH") announced that it intends to commence a tender offer to purchase up to 96.5% of the outstanding shares of common stock of JPS at a price of $10.00 per share in cash from all stockholders other than SPH Group Holdings LLC ("SPHG"), which already currently owns 38.7% of the outstanding shares of JPS.
Our investigation concerns whether HNH and SPHG are acting in concert and using their power as a significant shareholder as well as having seats on the board of directors of the Company to acquire JPS for an unfairly low price through an unfair process. Indeed, the Special Committee of the Board of Directors of JPS has announced that JPS is worth at least $13 per share and that HNH and SPHG are trying to hide that information as well as prevent the Company from issuing its financials and will seek to remove those members of the Board that do not agree to sell the Company for the low price of $10 per share.
If you are a shareholder of JPS and would like additional information as to how the proposed acquisition may affect your rights as a shareholder, and how you may be eligible to obtain a higher price for your shares, please call us at no cost at:
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliate, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the "50 Elite Trial Lawyer Firms" and one of the "50 Leading Plaintiff Firms in America." Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC