Titan International Inc. has proposed issuing up to 6,240,833 new Titan International common shares to Titan Europe shareholders in connection with Titan International's offer to acquire the European firm.
The offer calls for Titan Europe shareholders to receive one new share of Titan International common stock for every 11 Titan Europe shares held. Based on the closing exchange rate of a British pound equaling $1.6016 and the closing stock price of Titan International common stock of $20.03 on Thursday, the offer values each Titan Europe share at about $1.84 and Titan Europe's fully diluted share capital at about $167.8 million. The offer represents a premium of about 15.1 percent to the closing price of Titan Europe shares Thursday.
Titan International has filed related prospectus and offer documents with the Securities and Exchange Commission, and they are available at www.titan-intl.com.
Titan International, a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving and construction, and consumer applications, including all terrain vehicles. The company is headquartered in Quincy, where it owns Titan Wheel.
Titan International established Titan Europe in 1994. It was established as a separate entity on the London Stock Exchange in 2004, with Titan International retaining 29.3 percent of the shares. Titan International currently owns about 21.7 percent of Titan Europe through its wholly owned subsidiary Titan Luxembourg.
Titan Europe PLC is an international engineering group that designs and manufactures wheels, undercarriage components and assemblies for tracked and wheeled off-road vehicles. The company also supplies ground engaging tools, wet brake systems, distributes tires and supplies wheel and tire assemblies.
The group has facilities in the United Kingdom, Italy, France, Germany, Spain, Turkey, South Africa, USA, Brazil, Chile, Peru, Australia, Indonesia, China and Japan.
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