Titan, One Equity end buyout talks without deal

Quincy, Illinois - Titan International Inc. said talks have been terminated with One Equity Partners-a private equity affiliate of JPMorgan Chase & Co. that offered to buy Titan last October for about $350 million.

Titan said Jana Partners LLC, Titan´s largest shareholder with 20.1 percent of shares, said April 3 that it continues to be opposed to the transaction.

In January, Titan said it expected the deal with One Equity Partners to be complete by the end of February.

Instead, Quincy-based Titan said it will focus on integrating Goodyear´s North American farm tyre business, which Titan bought late last year. The company said it is not in any discussions with any other party concerning a buyout of the tyre and wheel maker.

From Rubber & Plastics News (A Crain publication)