IN BRIEF : New Bid for Champion Spark Plug

Champion Spark Plug Co. said today that Cooper Industries Inc. had offered to buy it for $21 a share, or $708 million, in cash, topping a $590-million merger pact it agreed to last month with Dana Corp.

In a letter to Champion’s management, Cooper added that it would be prepared to raise its bid “if you and your advisers could demonstrate to us additional values inherent in Champion.”

Champion, a major auto supply company best known for its spark plugs and windshield wipers, did not say whether it will negotiate with Cooper. Dana had no immediate reaction.

Late last month, Champion’s board agreed to accept a $17.50-a-share, or $590-million, bid from Dana, a Toledo-based company that manufactures power-transmission equipment for trucks.

The offers are part of a major restructuring in the automotive supply business forced by growing foreign competition and pressure to cut costs. They follow weeks of speculation that Champion’s founding family was considering selling its one-third stake.

Under the terms of the original agreement, Champion would become a subsidiary of Dana but would retain its name and logo. Half of the payment in that deal would have been in cash and half in stock.