Titan Europe, a maker of steel wheels and other machinery components, saw its share price leap after it confirmed that it has received a bid approach from Titan International, which is operated by some members of the Titan Europe board.
As is usual in these announcements, Titan Europe warned that "there can be no certainty that a formal offer will be made for the company," and it also gave no clue as to what sort of terms any offer might include.
US firm Titan International, which specialises in tyres and wheels for off-road vehicles and equipment, must make an offer by August 14th if it wishes to go ahead with a takeover. The independent directors of Titan Europe have formed a committee to consider any such offer.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The share price rose 14.82% to 129.75p by 10:20.
NR
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
