11 Sep 2008
ERJ staff report (DS)
Quincy, Illinois -- Titan International Inc. has discontinued discussions regarding a potential offer for Titan Europe Plc's outstanding shares.
On 12 April this year, Titan International Inc. filed a preliminary proxy regarding a potential offer for an exchange of stock to be made with Titan Europe Plc for all or a partial amount of 51 percent or more of Titan Europe's outstanding ordinary shares. On 10 Sept., the Titan International Inc. Board of Directors notified Titan Europe Plc that they were discontinuing discussions on the potential offer for Titan Europe Plc.
Titan Europe describes itself as, "an international engineering group which designs and manufactures wheels, undercarriage components and assemblies for tracked and wheeled "off-road vehicles".
Titan established Titan Europe in 1994, but sold shares and implemented a public offering in 2004, which raised about Euro 50 million, leaving Titan International with 29.3 percent of the shares. Further changes in the shareholding structure in 2005 reduced this to 17 percent.
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Press release from Titan International
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