Titan International Announces a Formal Offer for Titan Europe Plc
QUINCY, Ill.--(BUSINESS WIRE)-- Titan International, Inc. (NYSE: TWI) has made an announcement in accordance with Rule 2.7 of the Takeover Code that it has reached an agreement on the terms of a recommended share offer for the entire issued and to be issued share capital of Titan Europe Plc. As set out in the Rule 2.7 announcement, Titan Europe shareholders will be entitled to receive one new Titan International (TWI) common stock for every 11 Titan Europe shares held (the Offer). The Offer values each Titan Europe share at approximately 128.1 pence per share and Titan Europes fully diluted share capital at approximately £112.2 million (based on the closing exchange rate of £1: $1.5638 and the closing stock price of $22.03 USD per Titan International share on August 9, 2012, being the last business day before the announcement).
Titan International currently owns approximately 21.7 percent of Titan Europe through its wholly owned subsidiary Titan Luxembourg S.a.r.l.
A copy of the complete Rule 2.7 announcement is available at Titan Internationals website at www.titan-intl.com and has been filed with both the New York Stock Exchange and the Securities and Exchange Commission.
Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.
Titan International, Inc.
Source: Titan International, Inc.Copyright Business Wire 2012