UPDATE 1-Dana board rejects $18/shr offer from ArvinMeritor


(Adds ArvinMeritor terminating deal, paragraph two) NEW YORK, Nov 23 (Reuters) - The board of auto parts supplier Dana Corp. said on Sunday it unanimously rejected the latest unsolicited takeover bid from ArvinMeritor Inc. , which valued Dana's shares at $18 each. Shortly after Dana's announcement, ArvinMeritor said it terminated the tender offer for Dana. Dana said the $2.7 billion offer was neither "attractive nor compelling," even if ArvinMeritor could finance the deal, which Dana's ...

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