This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Further Details On Titan International’s Offer For Titan Europe Plc

Titan International, Inc. (NYSE: TWI) announced the proposed issue of up to 6,240,833 new Titan International common shares (each a “Titan International Share”) to Titan Europe plc (“Titan Europe) shareholders in connection with Titan International’s offer (“the Offer”) to acquire the entire share capital of Titan Europe (other than those shares already owned by Titan Luxembourg S.a.r.l.). Further details are provided below:

Based on the closing price on the New York Stock Exchange of a Titan International Share of US$22.03 and an exchange rate of US$1.5638 to £1 on 9 August 2012 (being the latest practicable date prior to the date of publication of the Rule 2.7 Announcement), the Offer valued each ordinary share of Titan Europe (“Titan Europe Share”) at approximately 128.1 pence per share and Titan Europe’s fully diluted share capital at approximately £118.4 million (based on the closing exchange rate of £1:$1.5638 and the closing price of US$22.03 per Titan International Share on 9 August 2012). The Offer values each Titan Europe Share at approximately 113.36 pence and Titan Europe’s fully diluted share capital at approximately £104.8 million (based on the closing exchange rate of £1: $1.6016 and the closing price of US$20.03 per Titan International Share on 13 September 2012, being the last practicable date before the publication of the Offer Document). This assumes that all of the 4,842,500 options under the Titan Europe Share Option Scheme are exercised or cancelled pursuant to the proposals that will be made and which are referred to in the Offer Document.

The Offer based on the 9 August 2012 information referred to above represents a premium of approximately:

● 13.3 percent to the closing price of 113 pence per Titan Europe Share on 16 July 2012 (being the last business day before the commencement of the Offer Period); and

● 2.1 percent to the Closing Price of 125.5 pence per Titan Europe Share on 9 August 2012 (being the last business day before the date of the Rule 2.7 Announcement); and

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs