NEW YORK, Nov 23 (Reuters) - Auto parts maker ArvinMeritor Inc. said on Sunday it terminated its $18-a-share tender for Dana Corp. shortly after Dana's board announced that it had rejected the latest offer. ArvinMeritor's withdrawal marks the end of a takeover battle that began in early July. Both companies said they would press on with their independent business strategies to compete for business with auto makers, which are feverishly trying to cut costs and to work with fewer suppliers.
Premium Content (PAID Subscription Required)
"ArvinMeritor terminates tender offer for Dana" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. Premium paid subscribers also gain access to:
All of WardsAuto's reliable, in-depth industry reporting and analysis
Hundreds of downloadable data tables including:
• Global sales and production data by country
• U.S. model-line inventory data
• Engine and equipment installation rates
• WardsAuto's North America Plant by Platform forecast
• Product Cycle chart
• Interrelationships among major OEMs
• Medium- and heavy-duty truck volumes
• Historical data and much more!
Current subscribers, please login or CLICK for support information.