Commodities & Metals
After Huge IPO, Titan Goes Acquiring (TITN)
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Titan Machinery Inc. (NASDAQ:TITN) has been one of the best IPO’s since the end of 2007, and its ties to agriculture machinery are to thank. Recently, shares saw some pressure after it disclosed a secondary offering around the end of the lock-up period, but now the company has another announcement entirely.
The company has announced today that an agreement to acquire Mid-Land Equipment Company, L.C. has been signed. Mid-Land owns six dealerships in Iowa and Nebraska and earned $48.3 million in revenues in fiscal Dec-2007. The Fargo-based full-service agricultural and construction equipment store operator will own 48 stores after the completion of the transaction, which is expected to close May 30, 2008 pending customary closing conditions
Shares of Titan are up 2% to $20.57 in late morning trading. The post-IPO trading range is $11.50 to $24.50.
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Rachel Lopez
May 12, 2008
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