Titan continues to review One Equity purchase proposal
The proposal for One Equity Partners LLC to acquire Titan International Inc. is still being studied, Titan reports.
On Oct. 11, 2005, One Equity, a private equity affiliate of JP Morgan Chase & Co., indicated an interest to purchase Titan in a cash merger for $18 per share of Titan common stock.
Titan formed a Special Committee of its board of directors to pursue discussions with One Equity and to consider any other indications of interest received from third parties.
As of today, the committee has not set any time schedule for reviewing any indications of interest, including One Equity's proposal.
Titan says it is unable to predict whether or not an agreement concerning the proposal or any other transaction will be concluded or that, if it is concluded, the board of directors or the Special Committee will recommend that such proposal be approved or that the shareholders will give their approval.