Tire Business staff report
Quincy, Illinois -- Titan International Inc. said it should be able to file a final proxy detailing its buyback of shares in Titan Europe Plc by the end of August.
Titan filed a preliminary proxy with the US-based Securities and Exchange Commission on April 12 that stated a special meeting of Titan stockholders would be held to approve the issue of up to 9 million shares of common stock.
To reach this step, the company said it needs to file interim data for both Titan International and Titan Europe through June 30. Titan Europe's information also must be reconciled with U.S. Generally Accepted Accounting Principles, according to the company.
If the information is obtained by the end of July, Titan anticipates it will be able to file a final proxy by the end of August. The stockholders meeting will be held 30 days after the final proxy's filing to vote on the stock issuance.
Titan spun off Titan Europe in 2004 but kept a 30-percent stake in the company. Titan Europe issued more shares in 2005, decreasing its former parent's stake to 15.4 percent.
In 2006, Titan Luxembourg S.A.R.L., a wholly owned subsidiary of Titan International, bought 1.8 million shares of Titan Europe for $7.9 million and increased Titan's stake in the European company to 17.3 percent.
From Tire Business (A Crain publication)