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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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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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