Dana Corp. said that its board of directors will evaluate ArvinMeritor's offer to acquire the outstanding shares of Dana for $15 per share in cash, and give its advice to its shareholders within 10 days. The proposed transaction has a total equity value of approximately $2.2 billion assuming 148.6 million shares of Dana outstanding, ArvinMeritor said. In addition, Dana has net debt and minority interests
Dana Corp. said that its board of directors will evaluate ArvinMeritor's offer to acquire the outstanding shares of Dana for $15 per share in cash, and give its advice to its shareholders within 10 days.
The proposed transaction has a total equity value of approximately $2.2 billion assuming 148.6 million shares of Dana outstanding, ArvinMeritor said. In addition, Dana has net debt and minority interests of approximately $2.2 billion, accounting for Dana Credit Corp. on an equity basis, bringing the total enterprise value to approximately $4.4 billion.
Dana said that it has advised its shareholders, customers, suppliers and employees to carefully read the company's solicitation/recommendation statement regarding the offer.
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