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Jana Opposes Titan Industries Buyout
Jana Partners, the activist hedge fund, reported a 14.8% stake in Titan International(TWI Quote), a wheel and tire manufacturer that is in the process of being taken private.
In a filing with the Securities and Exchange Commission, Jana criticized an offer made by One Equity Partners to buy Titan for $18 a share in cash, saying the price is "well below the true value of the company."
In a letter attached to the filing to Titan CEO Maurice Taylor, Barry Rosenstein, Jana's founder, said that he raised his stake to protect an existing investment and block the acquisition. ...
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