ArvinMeritor extends offer; Dana still says no

Oct. 3, 2003
ArvinMeritor Inc has extended its $15 net per share offer for all outstanding common shares of Dana Corp's common stock until Oct 30, 2003, at 5 pm Eastern
ArvinMeritor Inc has extended its $15 net per share offer for all outstanding common shares of Dana Corp's common stock until Oct 30, 2003, at 5 pm Eastern Standard Time (EST) unless further extended. The offer was previously scheduled to expire Oct 2, 2003, at 5 pm EDT. At that time, Dana shareowners had tendered and not withdrawn about 2,339,993 shares pursuant to Troy MI-based ArvinMeritor's tender offer.

This offer represents a premium of 56% over Dana's closing stock price June 3, 2003, the final trading day before ArvinMeritor submitted its first proposal to Toledo OH-based Dana in writing.

In response, Bill Carroll, acting president and chief operating officer of Dana, said, "On July 22, Dana's board of directors rejected ArvinMeritor's offer after a thorough review and consultation with its legal and financial advisors. The board concluded at that time that the offer was a financially inadequate, high-risk proposal that was not in the best interests of Dana or its shareholdersÑand nothing has changed with respect to the offer since that time. Dana's restructuring and transformation efforts are producing results, and the board believes that the company's ongoing strategy is a better way to enhance value for our shareholders."

About the Author

from staff and wire reports

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Leveraging telematics to get the most from insurance

Fleet owners are quickly adopting telematics as part of their risk mitigation strategy. Here’s why.

Reliable EV Charging Solution for Last-Mile Delivery Fleets

Selecting the right EV charging infrastructure and the right partner to best solve your needs are critical. Learn which solution PepsiCo is choosing to power their fleet and help...

Overcoming Common Roadblocks Associated with Fleet Electrification at Scale

Fleets in the United States, are increasingly transitioning from internal combustion engine vehicles to electric vehicles. While this shift presents challenges, there are strategies...

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...