ArvinMeritor Inc. says it has dropped its takeover bid for Dana Corp. after the supplier rejected ArvinMeritor’s latest offer of $18 per share. ArvinMeritor rescinded its offer Nov. 23, a week-and-a-half sooner than originally planned. “We are disappointed that the Dana board is unwilling to sit down with us and has chosen instead to deprive Dana’s shareholders of the immediate and substantial value inherent in our $18.00-per-share offer,” says ArvinMeritor CEO Larry Yost in a statement ...
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