ArvinMeritor extends Dana's deadline

Dana Corp.'s board of directors rejected ArvinMeritor Inc.'s hostile takeover attempt on July 23, calling ArvinMeritor's offer inadequate from a financial point of view to Dana's stockholders.

ArvinMeritor Inc. said July 9 that it intended to acquire all of the outstanding shares of Dana for $15 per share in cash. The proposed transaction had a total equity value of approximately $2.2 billion.

Arvin Meritor said that the $15 a share offer was 56% over Dana’s closing stock price on June 3 and 25% over the July 8 closing stock price.