Dana responds to ArvinMeritor takeover bid

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TOLEDO, Ohio — Dana Corporation is urging its shareholders to put off making a decision on the hostile takeover bid by ArvinMeritor until Dana’s board has had a chance to evaluate the offer.

The truck parts manufacturer said it will evaluate ArvinMeritor’s tender offer within 10 business days and advise shareholders of its position.

ArvinMeritor is offering $15 per share. The proposed transaction has a total equity value of approximately $2.2 billion.

Founded in 1904 and based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing, and customer service facilities in 30 countries. It employs more than 60,000 people worldwide and reported 2002 sales of $9.5 billion.

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