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The eBearing News
November 24, 2003



ArvinMeritor Abandons Dana Acquisition
copyright © 2003 eBearing Inc.

ArvinMeritor Inc. (USA) has abandoned its hostile takeover bid for autoparts manufacturing competitor Dana Corp. (USA).

eBearing reported ArvinMeritor's offer in July:

• article: ArvinMeritor makes unsolicited offer for Dana

Although ArvinMeritor increased its offer from USD $15 per share to $18 per share, Dana's board unanimously voted to reject it. From the beginning, Dana had refused all proposals to negotiate a merger, while ArvinMeritor was plagued by analyst doubts that it could afford the acquisition

ArvinMeritor CEO, Larry Yost, said the company would not continue "expending valuable corporate resources for an indeterminate period of time" chasing Dana. At the same time, he said he still believes auto parts manufacturing consolidation is inevitable and that ArvinMeritor will continue to "pursue an organic growth strategy while examining opportunities for consolidation that enhance value for our shareholders."

Industry analysts indicated Dana may still be an acquisition target, particularly if its troubled financial and operating results do not improve.

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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.


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