The Market Update

Jana Says Titan International Price Too Low

Stock quotes in this article: TWI  

Jana Partners, the activist hedge fund, is calling on Titan International(TWI Quote) to seek a higher price from an interested buyer.

One Equity Partners, a private equity affiliate of J.P. Morgan Chase & Co., offered to acquire Titan in October for $18 a share in cash. That's not enough, Jana said in a letter to Titan.

The current bid "significantly undervalues the company," Jana said. Titan should get a higher one or prove that the offer represents the "highest and best price obtainable for shareholders via a full and open process," Titan said.

The company's CEO was unmoved by the letter.

"Titan's shares rose from 65 cents on February 2003 to $18 now. It's a 3,000% increase! Jesus, give me a break, folks!" Maurice Taylor, Titan's CEO and chairman, told TheStreet.com. Jana "thinks we have an undervalued company compared to these idiot dot-coms. But this is not a dot-com. This is a bigtime manufacturing plant." he said.

A call to Jana's managing partner, Barry Rosenstein, was not returned.

Titan closed at $17.02 Monday, down 16 cents. It traded at $13.28 the day before the One Equity bid was received.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin




Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,235.41 1,094.03 2,157.26 34.52
Oil *
78.63
UP
8.47
UP
0.96
UP
3.20
DOWN
0.34
10 Yr
3.45%
SPDR Gold
108.20
+0.08%
+0.09%
+0.15%
-0.98%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services