Titan International has made an announcement in accordance with Rule 2.7 of the Takeover Code that it has reached an agreement on the terms of a recommended share offer for the entire issued and to be issued share capital of Titan Europe Plc. As set out in the Rule 2.7 announcement, Titan Europe shareholders will be entitled to receive one new Titan International common stock for every 11 Titan Europe shares held. The Offer values each Titan Europe share at approximately 128.1p per share and Titan Europe’s fully diluted share capital at approximately GBP112.2M based on the closing exchange rate of £1: $1.5638 and the closing stock price of $22.03 USD per Titan International share on August 9. Titan International currently owns approximately 21.7% of Titan Europe through its wholly owned subsidiary Titan Luxembourg S.a.r.l.
Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China …