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.
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