Jpmorgan Ultra-Short Income Etf (NYSE:JPST)

NEW YORK, Sept. 21, 2011 /PRNewswire/ -- Steel Partners Holdings L.P. announced today that it has delivered a letter to JPS Industries, Inc. (OTC: JPST) expressing its willingness to acquire JPS for $8.00 per share in cash, representing a significant 120% premium to the closing price of the JPS shares on September 21, 2011, without any financing contingency and subject to customary due diligence and other conditions.  In its letter, Steel encouraged the JPS Board to immediately commence a sale process overseen by a nationally recognized investment banking firm for the purpose of selling JPS, in whole or in parts, to the highest bidder.  Steel would expect to participate in the sale process as a bidder and would support any sale of JPS to the highest bidder.  Steel also stated that it intends to commence a consent solicitation of JPS stockholders for the purpose of removing and replacing a majority of the members of the JPS Board.  Steel is the largest stockholder of JPS, owning approximately 39% of the outstanding shares.