QUINCY, Ill.—Titan International Inc.'s board of directors has authorized spending up to $25 million for a share repurchase program but did not commit the company to any specific volume or timetable.
Repurchases will be made from time to time in accordance with applicable securities laws in the open market and/or in privately negotiated transactions, Titan said, including repurchases pursuant to Rule 10b5-1 trading plans (which allows major holders to sell a predetermined number of shares at a predetermined time.)
Titan did not comment on its reasons for the repurchase program.
The share repurchase program will be effective as of the end of the third business day after the company releases its first quarter 2019 financial results. The repurchase program does not obligate the company to acquire any particular amount of common stock or to acquire shares on any particular timetable, and the program may be suspended or terminated at any time at the company's discretion.
The company has set up a committee comprising board members Maurice Taylor Jr., Paul Reitz and Mark Rachesky to supervise the share repurchase program, based on its evaluation of market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the indenture governing the company's senior secured notes, and other factors.
As of Feb. 25, there were 59.9 million shares of Titan's stock in circulation.