Titan International Inc. has received a non-binding letter of interest that includes a nine-figure purchase price to acquire Italtractor ITM S.p.A. (ITM), one of the company's subsidiaries that designs and produces steel track and undercarriages for the construction, mining and agricultural markets. The proposal is subject to and is predicated upon all necessary due diligence, and in this connection the company has given the potential purchaser identified in the proposal information concerning ITM. The company had previously expressed its receptiveness to entertaining offers for the sale of ITM at this price level.
The company has formed a special committee, which is comprised of independent members of the Board of Directors, to review and analyze the issues relating to a possible sale of ITM and engage in discussions with third parties, including with respect to the proposal, and, to the extent appropriate, negotiate or supervise the negotiation of the final terms of any transaction and any agreements necessary to give it effect. Gary Cowger is the chairman of the committee, which is also comprised of Albert Febbo, Peter McNitt and Anthony Soave. The committee intends to engage a financial adviser to assist it in carrying out its responsibilities.
The company cannot predict whether or when any sale or other transaction involving ITM would or would not occur.