Dana board rejects latest bid from ArvinMeritor

Newswire

NEW YORK, Nov 23 (Reuters) - The board of auto parts supplier Dana Corp. said on Sunday it unanimously rejected the latest unsolicited takeover bid from ArvinMeritor Inc. , which valued Dana's shares at $18 each. Dana said the $2.7 billion offer was "neither attractive nor compelling," even if ArvinMeritor could finance the deal, which Dana's financial advisers questioned. Dana also said it thinks antitrust regulators would view the deal as illegal and a divestiture proposal from ...

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