Automotive Industry
Industry: Email Alert RSS FeedOffer for Dana stalled; ArvinMeritor extends bid till October 2; won't increase offer.(News)(ArvinMeritor Inc. wants to buy Dana Corp.)
Automotive News Europe, September, 2003
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ArvinMeritor wants to buy Dana Corp., but its hostile takeover bid has hit a roadblock.
Only 1.7 percent of Dana's shareholders accepted ArvinMeritor $15 ([euro]13.88) per share offer by ArvinMeritor's August 28 deadline. In response, ArvinMeritor extended its offer for Dana shares to October 2, but refused to raise its $2.2 billion offer.
US-based ArvinMeritor was formed by a merger of Arvin and Meritor in July 2000. The company ranked No. 16 in the Automotive News Europe list of global suppliers with auto parts sales of $5.85 billion. It was No. 19 in Europe.
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Dana ranked ...
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