NEW YORK, July 22 (Reuters) - Auto parts maker Dana Corp. said on Tuesday it rejected a $2.2 billion bid from smaller rival ArvinMeritor , saying the offer was financially adequate and was risky.
ArvinMeritor surprised the market two weeks ago by making an unsolicited approach for the company at $15 per share. Dana's shares closed at $15.28, four cents higher, on the New York Stock Exchange on Tuesday.