Vehicle parts maker ArvinMeritor said Thursday it would submit its hostile bid for rival Dana Corporation to U.S. anti-trust regulators. In an Aug. 21 court filing, Dana said there is a significant overlap in business that is likely to bring intense scrutiny from government regulators. In July ArvinMeritor offered $15 a share in cash for all outstanding shares of Dana. Saying the proposal was high-risk and financially inadequate, Dana’s board rejected the offer.
ArvinMeritor to submit Dana bid to regulators
September 8, 2003