Titan International receives purchase offer

Quincy, Illinois -- Wheel and tyre maker Titan International Inc. said it has received an offer from an equity firm that is interested in buying the company.

One Equity Partners LLC, a private equity affiliate of JPMorgan Chase & Co., has indicated an interest in acquiring Titan in a cash merger for $18 per share of common stock, Titan said. The offer is subject to approval by Titan shareholders, approval of the boards of Titan and One Equity and the reaching of a definitive agreement with customary conditions, due diligence and financing.

Titan has formed a special committee of its board of directors to pursue discussions with One Equity. One of Titan´s directors, Richard Cashin Jr., is also the managing partner of One Equity.

One Equity manages $5 billion of investments and commitments from JPMorgan Chase in direct private equity transactions. Partnering with management, One Equity invests in transactions that initiate strategic and operational changes in businesses to create long-term value.

From Rubber & Plastics News (A Crain publication)