Titan International receives settlement put option notice
Titan International announced that notice was received from an affiliate of the Russian Direct Investment Fund, or RDIF, one of the three shareholders, of Voltyre-Prom, of its exercise, effective November 14, of the settlement put option with respect to its holdings in Voltyre-Prom, pursuant to the Shareholders' Agreement. The Company, together with affiliates of One Equity Partners and RDIF, owns all of the equity interests in Voltyre-Prom. The settlement put option may be satisfied by Titan with cash or Titan common stock, in amounts set by the Shareholders' Agreement. Depending on the final settlement date, the cash amount is estimated to be in the range of approximately $74.3M-$76.2M and the share amount range is estimated to be approximately 10.172M shares to 10.436M shares.