Titan files to purchase Titan Europe

qiangzi

Monday, September 17, 2012
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Quincy, IL - Titan International announced the proposed issue of up to 6,240,833 new Titan International common shares to Titan Europe shareholders in connection with Titan International’s offer for Titan Europe plc. The details of the offer are for Titan Europe shareholders to receive one new share of Titan International common stock for every 11 Titan Europe shares held. Based on the closing exchange rate of £1=$1.6016 and the closing stock price of Titan International common stock of $20.03 on September 13, 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. The offer represents a premium of approximately 15.1% to the closing price of 111.25 pence per Titan Europe share on September 13, 2012.