Titan Europe set to cancel shares after shareholders back takeover

WORCESTERSHIRE-based steel wheel manufacturer Titan Europe will cancel its shares on the Alternative Investment Market next month after shareholders agreed to sell-up as part of the firm’s takeover by its former operator Titan International.

News of the proposed takeover was announced in the summer and the process has gone through the usual requirements since then to satisfy acquisition regulations.

In a statement to the London Stock Exchange late on Friday Titan said that as of 1pm that day Titan International had received acceptances for its offer from more than 97% of Titan Europe shareholders.

In view of this, Titan said trading in its shares on AIM would now be cancelled from November 12.

Titan Europe announced in July that it was in talks with Titan International over the potential sale of the business. A month later the two parties announced they had reached an agreement on the terms of the offer.

Titan Europe directors said they believed the offer was fair and recommended shareholders accept it.

Up until April 2004 Titan Europe was a part of the Titan International Group.