Greenville, South Carolina - Steel Partners Holdings LP has agreed a further delay in its request for consent to a proposed takeover of JPS Industries Inc. until 19 Jan 2011.
JPS Industries makes extruded urethanes product under the name Stevens Urethane, as well as ethylene vinyl acetate film and sheet, and mechanically formed glass and aramid substrate materials for speciality applications in many markets requiring highly engineered components.
The two companies first announced 17 Oct 2011 that that they had agreed that Steel Partners would stop its consent solicitation for a takeover. Since then the parties have agreed further pauses at regular intervals, but now say they will make the deferral agreement indefinite, until one party disagrees.
JPS Industries has set up a committee of independent directors which is evaluating strategic alternatives to maximise value for JPS Industries stockholders, which is still active.
Steel Partner, a diversified holding company based in New York, announced 21 Sept that it was interested in buying the Greenville, South Carolina company.