TROY, Mich. (July 9)—Dana Corp.'s stock rose nearly 35 percent to close at $16.20 on July 8 after ArvinMeritor Inc. launched a $15 a share—or $2 billion—hostile takeover bid for the firm. ArvinMeritor´s stock, however, dropped slightly to close at $20.29. A year ago, Dana´s stock closed at $17.77, but it was trading at only $6.31 in mid-March. Not all Dana stockholders are optimistic the company could get a higher buyout offer than ArvinMeritor´s bid. Chapman Capital L.L.C., a hedge fund with holdings in Dana, sold off half of its 240,000 Dana shares in the company the day of the announced bid. "We think the market is giving too much credit to a substantially higher and successful bid from Arvin or a third party bidder," said Robert L. Chapman, Jr., managing member of the firm. "This bid is a very full price."