GREENVILLE, S.C. (March 22, 2012)—JPS Industries Inc. has rejected a conditional, unsolicited offer from Steel Partners Holdings to acquire the company.
In September 2011, Steel Partners announced it had expressed willingness to purchase the Greenville, South Carolina-headquartered group. JPS formed a special committee to assess the offer.
“After extensive discussions with Steel Partners and review with their advisers, the special committee determined and the board of directors unanimously agreed that the offer is inadequate and not in the best interest of our shareholders,” said JPS CEO Michael Fulbright in the company's year-end report.
JPS said March 16 that it has now appointed Houlihan Lokey to explore strategic alternatives for the company, in order to maximize value for all shareholders.
JPS makes extruded urethane products under the name Stevens Urethane, as well as ethylene vinyl acetate film and sheet, and mechanically formed glass and aramid substrate materials for specialty applications.