ArvinMeritor Inc. said that it has extended its $2.2 billion offer to buy Dana Corp. until Oct. 2. The offer was set to expire yesterday.
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.