Equity Firm Calls Off Titan Buyout

(Akron/Tire Review) Just as suddenly as it came up, One Equity Partners has ended its quest to acquire Titan International Inc. One Equity Partners made an $18 per share offer last October, a move opposed by one of Titan’s largest shareholders but support by the company’s board.

Titan had no specific comment on One Equity Partners’ withdrawal, but said it would continue to focus on integrating its recently acquired agricultural tyre business and plant in Freeport, Illinois. Titan acquired the business from Goodyear Tire & Rubber Co.

Since the $18 per share offer was announced, Titan’s stock has consistently traded in the $16-$18 range.

Jana Partners LLC, which is Titan’s largest shareholder of Titan according to SEC filings, has opposed the buyout since it was first announced Oct. 15, 2005. Jana Partners owns a 20.1 per cent stake in Titan.

With One Equity Partners’ purchase, Titan board intended to take the company private.