GREENVILLE, S.C., Jan. 27, 2015 /PRNewswire/ -- JPS Industries, Inc. (OTC: JPST) (the "Company") acknowledged that Handy & Harman Ltd. (NASDAQ: HNH) ("HNH") yesterday announced the commencement of an unsolicited offer to acquire shares of common stock of the Company for a price of $10.00 per share in cash.
Although the Company's Special Committee of the Board of Directors (the "Special Committee") previously rejected an offer from HNH to acquire the Company for $10.00 per share in cash as being well below the fair value of the Company's stock, consistent with its fiduciary duties and as required by applicable law, the Special Committee will review the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. The Company's stockholders are advised to take no action at this time pending conclusion of the review of the tender offer by the Company's Special Committee.
Please be advised that the Special Committee's consideration is with respect to the tender offer only and recommends that the stockholders of the Company vote in favor of the Company's nominees to the Board of Directors at the 2015 Annual Meeting of the Company.
The Special Committee, in consultation with its advisors, intends to advise stockholders of its formal position regarding the announced offer within ten business days after the date of commencement of the unsolicited tender offer.
O'Melveny & Myers LLP is acting as the Special Committee's legal counsel.
Contact: JPS Industries Investor Relations - 864-239-3900
SOURCE JPS Industries, Inc.