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ArvinVeritor still chasing Dana Corp
Page 20
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COMMERCIAL vehicle parts manufacturer ArvinMeritor has extended the date of its $2.2bn (£1.4bn) hostile takeover bid of rival Dana Corporation, after its original offer expired.
Originally set for 28 August, the new offer has been rescheduled to expire on 2 October. ArvinMeritor's offer of $15 a share has so far yielded a negative response. Dana shareholders have tendered 2.54 million shares to date — only 1.7% of the company's 149 million outstanding shares.
Dana chairman and CEO Joe Mahliochetti says: "The small number of shares tendered to date confirms that many of our shareholders agree with Dana's board of directors that ArvinMentor's offer is not in their best interest."
If successful, the takeover would combine ArvinMeritor's exhaust, suspension and drivetrain products with Dana's chassis, frame and drivetrain products to become one of the largest automotive parts suppliers in the world.