Titan Gets Buyout Offer From Equity Group
(Akron/Tire Review) Titan International Inc says it has received a “cash merger offer” from a private equity group. The $18 per share offer was made, according to Titan, by One Equity Partners LLC, which is affiliated with JP Morgan Chase & Co. Based on the number of outstanding Titan shares available, the deal is likely worth about $350 million.
Richard Cashin Jr, a member of Titan’s board of directors, is also the managing partner of One Equity Partners. Titan said the offer is subject to reaching a definitive agreement, as well as usual closing conditions and board and stockholder approvals. A special board committee was formed by Titan to pursue talks with One Equity, and it is expected that Titan Chairman and CEO Morry Taylor and directors Mitchell Quain and Anthony Soave will participate.
One Equity Partners, with offices in New York, Chicago and Frankfurt, Germany, manages $5 billion of investments and commitments for JPMorgan Chase. Titan has been trying to complete its planned $100 million purchase of Goodyear Tire & Rubber Co’s agricultural tyre business, but has been held up by slow-moving negotiations with the United Steelworkers. Titan is also rumoured to be involved with German OTR tyre retreader Roesler Group in a bid to purchase Continental Tire North America’s OTR tyre plant in Bryan, Ohio.