ArvinMeritor Abandons Dana Acquisition

Resource from: CBCC Likes:2974

Nov 27,2003

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