GREENVILLE, S.C. (Jan. 16, 12:50 p.m. ET) — Steel Partners Holdings LP has agreed a further delay in its request for consent to a proposed takeover of JPS Industries Inc. until Jan. 19.
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.
The two companies first announced Oct. 17 that they had agreed that Steel Partners would stop its consent solicitation for a takeover. Since then the parties have agreed to additional 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 maximize value for the company's stockholders.
Steel Partner, a diversified holding company based in New York, announced Sept. 21 that it was interested in buying the Greenville-based company.