Dana reiterates opposition to ArvinMeritor bid

Newswire

NEW YORK, Aug 28 (Reuters) - Auto parts maker Dana Corp. on Thursday reiterated its opposition to a $2.2 billion hostile takeover bid from rival ArvinMeritor Inc. less than an hour after ArvinMeritor announced it was extending its offer by nearly five weeks to Oct. 2. Toledo, Ohio-based Dana noted that its board rejected ArvinMeritor's offer on July 22 and reiterated its conclusion that the offer "is a financially inadequate, high-risk proposal that is not in the best interests of Dana or ...

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