Titan Says It is Considering Offer, But No Action Yet

(Akron/Tire Review) Titan International has said that it is still reviewing the $18 per outstanding share offer it received in October 2005 from One Equity Partners, a JP Morgan Chase & Co. unit.

After receiving the initial offer, Titan’s board appointed a special committee, which included Titan chairman Morry Taylor, to consider the offer. This morning, the company said, “The Special Committee has not set any time schedule for reviewing any indication of interest, including the (One Equity) proposal,” and said that it could not “predict whether or not an agreement concerning the proposal or any other transaction will be concluded.”

It was expected that the special committee would accept the offer, which would functionally take Titan private.