Dana independent directors back CEO on bid move


NEW YORK, July 30 (Reuters) - The independent directors of auto parts company Dana Corp ., currently facing a hostile bid from smaller rival ArvinMeritor Inc , on Wednesday threw its support behind their chief executive saying they fully backed his decision to refuse the bid. "There is absolute unanimity within the Dana Board as to your offer," Dana said in a letter to Larry Yost, Chairman and chief executive of ArvinMeritor. The letter was signed by Glen Hiner, head of a committee formed ...

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