I made reference in this previous post to how in Feb 2015 Lloyd Miller was using his strategic stake in a company called JPS Industries Inc to support the existing CEO against a move by representatives of one of its major shareholders, Steel Partners Holdings L.P, to position its nominees to the board in their efforts to take over the company. As you might recall the initial bid for JPS was pitched at $7 then later revised to $8 and then to $10 per share. Lloyd came out in support of the CEO and the companies own valuation which values JPS at around $13.
I thought I'd follow up this story to see how it is panning out. Well from what I've read Miller and the CEO prevailed and prevent the slate of nominees of Steel Partners from moving on the board. A report out yesterday says the $10 per share offer has been extended out to 17 April 2015 due to "continuous discussions with the company". Records show that only 2.1416% 0f the outstanding shares in JPS have been tendered into the offer as of yesterday.
http://www.businesswire.com/news/ho...Ltd.-Extends-Tender-Offer-Shares#.VRy2ECz9nIU
It will be interesting to see if Lloyd Miller ends up getting his $13. If so, with his influence in JPS the offer would have increased from $7 to $13, almost double. Let's hope Lloyds level head and his shareholding in IAU can do the same or better for long suffering shareholders and myself in the future.
INHO DYOR
Eshmun
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