Jana Says Titan International Price Too Low

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. ...