ERJ staff report (LMH)
Qunicy, Illinois -- Titan Europe Plc has formed an independent committee to consider the 22 July approach by Titan International Inc. regarding the possible purchase of the European company.
Titan Inc. reiterated in a 26 July news release that there can be no certainty that a formal offer will be made for Titan Europe or the terms on which such an offer may be made. However, as a number of the directors of Titan Europe are also directors of Titan Inc., an Independent Committee of the Board of Titan Europe has been formed for the purposes of considering any possible offer.
Titan Inc. is proposing an indicative all-share offer for Titan Europe of one Titan Inc. common share per 11 Titan Europe ordinary shares subject to certain conditions.
Titan International Inc., a holding company, owns subsidiaries that supply wheels, tyres and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications.
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Press release from Titan Inc