Terms agreed for Titan Europe share offer
News of Titan International’s moves to acquire Titan Europe PLC has been public for about a month now, but to fulfil Rule 2.7 of the Takeover Code, the company announced on 10 August its formal acquisition offer. In a statement, Titan International reports that agreement has been reached between the board of Titan International and the independent directors of Titan Europe on the terms of a recommended share offer for Titan Europe’s entire issued and to be issued share capital.
As set out in the Rule 2.7 announcement, Titan Europe shareholders will be entitled to receive one new Titan International common stock for every 11 Titan Europe shares held. This offer values each Titan Europe share at approximately 128.1 pence per share and Titan Europe’s fully diluted share capital at approximately £112.2 million, based on the closing exchange rate of £1 to US$1.5638 and the closing stock price of $22.03 per Titan International share on 9 August 2012, the last business day before the announcement.
Titan International currently owns approximately 21.7 per cent of Titan Europe through its wholly owned subsidiary Titan Luxembourg S.a.r.l.
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