ArvinMeritor to submit Dana bid to regulators

Sep 8, 2003

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.

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