ArvinMeritor announced last week it has filed a lawsuit against rival vehicle parts maker Dana Corp. for allegedly making fraudulent statements in connection with its rejection of ArvinMeritor’s $2.2 billion takeover bid. The suit was filed in a U.S. District Court in Virginia and accuses Dana of making statements that are “materially misleading, fraudulent, deceptive or manipulative” in violation of Securities and Exchange Commission regulations. ArvinMeritor announced its bid for Dana July 9. Dana rejected the bid, saying it was “risky” and undervalued the company.
ArvinMeritor suing Dana
August 11, 2003