Titan International this week announced the proposed issue of up to 6.2 million new Titan International common shares to Titan Europe shareholders in connection with its offer for Titan Europe plc. The details of the offer are 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 £1=$1.6016 and the closing stock price of Titan International common stock of $20.03 on Sept. 13, the offer values each Titan Europe share at approximately 113.36 pence and Titan Europe’s fully diluted share capital at approximately £104.8 million (about U.S. $170.2 million). The offer represents a premium of approximately 15.1 percent to the closing price of 111.25 pence per Titan Europe share on Sept. 13.
Titan International has filed the related Prospectus and Offer documents with the Securities and Exchange Commission, which are also available on the company’s website at www.titan-intl.com.
Titan International, a holding company, owns subsidiaries that primarily supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer applications.