GREENVILLE, S.C. (Oct. 19, 2:45 p.m. ET) — Steel Partners Holdings LP has agreed to delay its pending request for consent to its proposed takeover of JPS Industries Inc.
Steel Partners will not start asking for consent to the takeover for a period of 30 days, JPS said Oct. 17. Steel Partners of New York announced Sept. 21 that it had expressed willingness to acquire the Greenville-based company.
In response, JPS Industries formed a special committee of independent directors to evaluate strategic alternatives to maximize value for all JPS Industries stockholders.
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 specialty applications in many markets requiring highly engineered components.