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I bought JPSP on/around 8/18/04 at $2.65. It went dark shortly after I bought, the symbol changed and often traded with a huge spread over the years.
Today we finally got good news.
$11.00.
That's about a 13.9% annualized return on investment assuming I get paid by 7/18.
Couldn't find anything on SI about either.
From what I recall, both Steel Partners and Lloyd Miller were buying back then. I believe it was trading below book value too.
All these years and you wouldn't find me pumping nor dumping it anywhere.
Anyone else been holding all these years ?
Handy & Harman Ltd. ( HNH) (“HNH”), a diversified global industrial company, and JPS Industries, Inc. (formerly Pink Sheets: JPST) (the “Company” or “JPS”), a leading manufacturer of composite materials, announced today the successful completion of HNH’s acquisition of JPS. Under the terms of the parties’ merger agreement, at the effective time of the merger, each outstanding share of JPS common stock (other than shares owned by HNH and its affiliates) was converted into the right to receive $11.00 per share in cash. Warren Lichtenstein, Chairman of HNH and Executive Chairman of Steel Partners Holdings L.P. ( SPLP), the parent company of HNH, stated, “After being an investor in JPS for over 14 years, we are very pleased to have completed this merger, and we look forward to working with Gary Wallace, President of JPS Composites, and all of JPS’s employees.”
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