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LOS ANGELES, Aug 28 (Reuters) - Auto parts maker ArvinMeritor Inc. announced on Thursday it has extended its $2.2 billion offer to buy Dana Corp. by nearly five weeks to Oct. 2.
The company also said that so far fewer than 2.5 million Dana shares, or 2 percent of the total, have been tendered in the offer.
ArvinMeritor offered $15 for each Dana share in a hostile bid launched last July.
So far this takeover saga has been marred with controversy with each party taking the other to court after Dana turned down ArvinMeritor's bid.
ArvinMeritor fired the first salvo by suing Dana saying it had misled investors in an attempt to justify rejection of the offer.
Dana sued ArvinMeritor for using confidential information it procured while discussing a joint venture with Dana two years ago. Dana also sued investment bank UBS Warburg for advising ArvinMeritor on the deal after it worked with Dana on a project.
In rejecting ArvinMeritor's offer, Dana said that anti-trust concerns and divestitures that would result from a takeover would make the deal pointless. Dana last Friday reiterated those views after ArvinMeritor filed documents with the regulators.
Dana's shares closed at $15.45 on the New York Stock Exchange on Thursday, above ArvinMeritor's $15 per share offer price. ArvinMeritor's shares closed 10 cents up at $18.39.
(Additional reporting by Arindam Nag)