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.
