Point Blank willing to talk to Steel Partners only if standstill provision in place

By Lisa Kerner

Charlotte, N.C., Nov. 30 - Point Blank Solutions, Inc.'s board of directors said it shares the same focus on shareholder value as does investor Steel Partners II, LP.

In addition, Point Blank invited Steel Partners to meet and "discuss the company's strategic direction" with the board once it executes a confidentiality agreement, which contains a standard standstill provision.

Point Blank's letter to Steel Partners was included in a form 8-K filing with the Securities and Exchange Commission.

It was previously reported that Steel Partners was not willing to enter into any standstill provisions because it has made a proposal to buy Point Blank for no less than $5.50 cash per share. Point Blank had said it would not pursue the proposal.

Steel Partners said it believed that if the board insisted on a standstill, it does not have a genuine interest in meeting with the investor and was using the non-disclosure agreement as a means to limit the shareholder's rights, a prior news release stated.

Point Blank is a Pompano Beach, Fla., producer of body armor systems for law enforcement and the military.

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