PITTSBURGH (Jan. 30)—The Pennsylvania Securities Commission conducted a Jan. 14 hearing on a complaint that tire and wheel manufacturer Titan International Inc. broke state law when it attempted to gain control of specialty tire maker Polymer Enterprises Inc. in 1998 and 1999. A decision stemming from the hearing, however, isn't expected until later this summer, said Tom Schultz, Polymer vice president of administration. The Pittsburgh hearing looked into allegations made by Greensburg, Pa.-based Polymer that Maurice Taylor Jr., Titan CEO and president, violated Pennsylvania's Takeover Disclosure Act by contacting and misleading company stockholders in attempts to buy shares from them. Titan purchased shares in Polymer in 1998, and afterward Taylor contacted other stockholders, offering to buy their shares at the same price. Polymer claims Taylor misled those he contacted about the financial stability of and his holdings in the firm.
Decision on alleged takeover law violations by Titan not expected until summer
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