ArvinMeritor terminates tender offer for Dana

Newswire

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.

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