TROY, Mich. (Aug. 29, 2003) — ArvinMeritor has announced that is has extended its $15.00 net per share offer for all outstanding common shares of Dana Corporation’s common stock.
The offer, which was originally set to expire yesterday, will be extended to Oct. 3, 2003, unless further extended.
Dana shareowners had tendered and not withdrawn approximately 2,543,879 shares pursuant to ArvinMeritor’s tender offer. ArvinMeritor said its offer represents a premium of 56 per cent over Dana’s closing stock price on June 3, 2003, the last trading day before ArvinMeritor submitted its first proposal to Dana in writing.
In late July Dana Corp.’s Board of Directors advised its shareholders to reject the unsolicited tender offer from ArvinMeritor, which currently owns 1,085,300 shares of Dana’s common stock. ArvinMeritor stated at the time it would have preferred to meet with the Dana Board and its advisors to discuss an all-cash offer and negotiate a mutually acceptable transaction. “However, Dana has rejected our prior proposals and refused our requests to enter into discussions,” the company said.
However, ArvinMeritor was unwavering in its position. “Despite the fact that the Dana Board has rejected our offer and refuses to negotiate with us, we are committed to this transaction,” the company said.
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