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
-
Landlords ordered to make rental properties more energy efficient by 2030The government has said rental properties must have a minimum EPC rating of C by 2030. We explain how much it will cost landlords to upgrade their buy-to-let portfolio
-
Primark owner Associated British Foods is an overlooked gem going cheap — should you buy shares?Associated British Foods, the owner of Primark, is a family-owned business, which means it is passed over by the increasingly popular passive investment funds. That spells opportunity for private investors, says Jamie Ward.
