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Titan International
TWI announces the proposed issue of up to
6,240,833 new Titan International common shares to Titan Europe shareholders
in connection with Titan International's offer (“the Offer”) for Titan Europe
plc. The details of the Offer are for Titan Europe shareholders to receive one
new share of Titan International common stock for every 11 Titan Europe shares
held. Based on the closing exchange rate of £1=$1.6016 and the closing stock
price of Titan International common stock of $20.03 on September 13, 2012, the
Offer values each Titan Europe share at approximately 113.36 pence and Titan
Europe's fully diluted share capital at approximately £104.8 million. The
Offer represents a premium of approximately 15.1 percent to the closing price
of 111.25 pence per Titan Europe share on September 13, 2012
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