Titan, One Equity sale is terminated
Titan International Inc. is off the auction block as discussions with One Equity Partners LLC, an equity investment group that announced its intention to buy Titan last October, have been terminated.
One Equity, a private equity affiliate of JP Morgan Chase & Co., wanted to buy Titan in a cash merger for $18 per share of Titan common stock.
Titan officials say the Quincy, Ill.-based specialty tire manufacturer is focusing on integrating Goodyear Tire & Rubber Co.'s farm tire business "and on evaluating acquisition opportunities that would further strengthen Titan's business and performance."
Titan's largest shareholder with 20% stock in the company, Jana Partners LLC, opposed the One Equity sale.
At the moment Titan is not in discussions with any party regarding a possible sale.