ArvinMeritor raises bid for Dana in ´final´ offer

TROY, Mich. (Nov. 17)—ArvinMeritor Inc. has raised its bid for Dana Corp. to $18 per share or $4.7 million. The offer is final, the supplier said, and will expire on Dec. 2. ArvinMeritor earlier had offered $15 per share or $2.2 billion to acquire the larger company. In an open letter sent to Dana Chairman Glen Hiner, Larry Yost, CEO of ArvinMeritor said his company continues to believe the combination of the two makes sense. However, it is not in the best interests of ArvinMeritor´s own shareholders "to continue expending valuable corporate resources for an indeterminate period of time," he said.