TROY, Mich. (July 8)—ArvinMeritor Inc. said it intends to offer $15 per share of Dana Corp.´s outstanding stock, or $2.2 billion, in a bid to acquire the company. The competitor of Dana said it will take its offer directly to Dana stockholders since the Toledo-based supplier´s board rejected its offer outright and refused to enter discussions. The offer represents a premium of 25 percent over Dana's closing stock price on July 7. ArvinMeritor believes that to succeed in the increasingly competitive and global automotive supplier industry it must take actions that will increase opportunities for its company in the future, said Larry Yost, chairman and CEO. Aside from regulatory approval, Dana would have to remove its "poison pill" provision against hostile bids for the deal to go through, ArvinMeritor said.
Arvin-Meritor launches hostile takeover bid for Dana
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