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Equity firm offers to buy Titan

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One Equity Partners LLC, a private equity affiliate of JPMorgan Chase & Co., has offered to acquire Titan International Inc. in a cash merger.

The merger would be for $18 per share of Titan's common stock, according to Titan officials.

"The offer is subject to reaching a definitive agreement with the customary conditions, due diligence, financing, both One Equity and Titan board approvals and Titan's discussions with One Equity."

Titan has formed a committee that will pursue discussions with One Equity, which has offices in New York, New York; Chicago, Ill.; and Frankfurt, Germany.

A member of Titan's board, Richard Cashin Jr., also is One Equity's managing partner.

One Equity manages $5 billion in investments for JPMorgan in direct private equity transactions.

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