ArvinMeritor extends offer to purchase Dana

TROY, Mich. (Sept. 2)—ArvinMeritor Inc. has extended its offer to purchase Dana Corp. for $15 per share until Oct. 2. In an Aug. 22 filing with the Federal Trade Commission, ArvinMeritor had extended its original offer to purchase Dana until midnight Sept. 8 or Sept. 18 if the FTC requests additional information. The offer originally was scheduled to expire Aug. 28. In response to the extension, Joe Magliochetti, Dana chairman and CEO, reiterated the company does not feel the deal makes sense and pointing to the "low number" of shares tendered so far—just more than 2.5 million—neither do its shareholders, he said. Additionally, ArvinMeritor now is discussing divestitures of the combined commercial vehicle holdings and other assets that would limit any possible synergies, Magliochetti said.