ArvinMeritor Ends Bid for Dana Corp.

From Associated Press

ArvinMeritor Inc. said it had ended its $2.67-billion takeover bid for rival auto parts supplier Dana Corp. after Dana's board unanimously rejected its recently sweetened offer.

ArvinMeritor had planned to terminate its latest offer of $18 a share -- its fourth -- on Dec. 2 unless Dana's board agreed to begin negotiating a merger agreement.

On the New York Stock Exchange, ArvinMeritor shares rose 72 cents, or 3.9%, to $19.15 while Dana shares rose 23 cents, or 1.5%, to $15.23.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World