JPS Industries, Inc. (JPST) May Not Be Considering Potential Acquisition by Handy & Harman Ltd. (HNH) to the Detriment of Its Shareholders
Robbins LLP is investigating JPS Industries, Inc.’s (OTC: JPST) response to its proposed acquisition by Handy & Harman Ltd. (NASDAQ: HNH). On December 30, 2014, Handy & Harman sent JPS Industries a letter announcing its willingness to enter into a definitive merger agreement to acquire JPS Industries, Inc. for $10.00 per share in cash.
Is the Proposed Acquisition Best for JPS Industries and Its Shareholders?
Robbins LLP’s investigation focuses on whether the board of directors at JPS Industries is complying with its fiduciary duty to consider all viable acquisition offers in good faith or whether it is purposefully denying shareholders the right and opportunity to determine for themselves whether they would like to sell their shares. Notably, this public offer by Handy & Harman follows multiple private attempts to acquire JPS Industries. The $10.00 offer consideration represents a premium of approximately 44.5% over JPS Industries’ closing price of $6.92 on December 29, 2014. Further, JPS Industries has not traded over or above the proposed $10.00 per share since July of 1998.
JPS Industries shareholders have the option to file a class action lawsuit to ensure the board of directors acts in the best interest of shareholders by entertaining viable acquisition offers.
JPS Industries shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.