TROY, Mich. (Aug. 25)—ArvinMeritor Inc. filed its official offer of $15 per share of Dana Corp. on Aug. 22 with the Federal Trade Commission and extended its expiration date for the proposed purchase. The company made its filing less than a week before its original offer expires on Aug. 28, but in the filing it extended its original offer to purchase Dana until midnight on Sept. 8 or Sept. 18 if the FTC requested additional information. In an official response to an ArvinMeritor suit in the U.S. District Court for the Western District of Virginia filed Aug. 21, Dana had accused its pursuer of failing to disclose that the combination of the two companies raises "substantial" antitrust concerns and of stalling on its filing with the Federal Trade Commission so that it would not have to disclose it would be asked by the regulatory agency for a second review period to go over the proposed deal. Dana also reiterated its complaints that ArvinMeritor has thus far failed to provide any details on the status of its attempt to secure financing for the deal.
ArvinMeritor files official offer for Dana with FTC, extends expiration date
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].