Titan Receives Merger Offer. 18.00 cash deal Tuesday October 11, 5:55 pm ET Titan Receives Merger Offer From JPMorgan Affiliate One Equity Partners
QUINCY, Ill. (AP) -- Steel wheel and tire maker Titan International Inc. said Tuesday it has received a merger offer from One Equity Partners LLC, an affiliate of financial services firm JPMorgan Chase & Co., for $18 per share of Titan stock.
Titan International currently has about 19.4 million shares outstanding.
The offer is subject to reaching a definitive agreement, as well as usual closing conditions and board and stockholder approvals, Titan said.
Titan shares dropped 14 cents to close at $13.28 on the New York Stock Exchange.