Titan takeover by Titan nearly a done deal

WORCESTERSHIRE steel wheel manufacturer Titan Europe’s takeover by Titan International is virtually complete.

As at 1pm on October 5, Titan International had received valid acceptances of the offer in respect of 57,466,058 Titan Europe shares (representing approximately 65.56%. of the existing issued share capital of Titan Europe), which, together with the 18,993,821 Titan Europe Shares already owned by Titan Luxembourg S.a.r.l., represents 87.24% of all shares.

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.

Titan International has now announced that all remaining conditions to offer the have been satisfied or waived and that it is is now unconditional in all respects. The offer will remain offer for acceptance until October 19.

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