ArvinMeritor may be prepared to raise bid for Dana

TROY, Mich. (July 23)—ArvinMeritor Inc. responded to Dana Corp.'s rejection of its takeover bid by reiterating it is committed to making the deal a reality. The Troy-based company said it believes Dana's reasons for the rejecting the offer of $15 per share are "manufactured," and that it believes all the issues cited for rejecting the offer can be resolved. If Dana's board would consent to enter discussions on the matter, ArvinMeritor said it may be prepared to consider whether a higher offer is warranted. Dana's stock was trading at $15.60 midmorning July 23. ArvinMeritor made an unsolicited bid for Dana July 9, after the Dana rejected verbal and written invitations earlier in the summer to discuss a merger.