Titan International Continues Talks With Titan Europe

Titan Europe Plc’s directors are remaining in talks with Titan International regarding the latter’s possible offer for the remaining share capital of Titan Europe it does not already own. Titan International filed a Preliminary Proxy with the Securities and Exchange Commission Apr. 12, stating that a special meeting of Titan International stockholders would be held to approve the issue of up to 9,000,000 shares of Titan International’s common stock.

In order to reach this step, the company needs to file interim data for both Titan International and Titan Europe through June 30 in a final proxy. This information should be available at the end of July, and then the Titan Europe information must be reconciled with US Generally Accepted Accounting Principles (GAAP). If the information is obtained by the end of July, Titan anticipates it will be able to file a final Proxy with the SEC by the end of August. The stockholders meeting will be held 30 days after the filing of the final proxy to vote on the issuance of up to 9,000,000 shares of Titan International Inc. common stock.

Titan International, which recently announced a five-for-four stock split, has confirmed to Titan Europe that its intended exchange ratio for the possible offer remains one Titan International share for every eight Titan Europe shares after the stock split. (Tire Review/Akron)