Dana Responds to ArvinMeritor Tender

In the latest volley in the ongoing bid for Dana shares by ArvinMeritor, Dana Corporation has once again urged its shareholder to defer decisions.
Dana Corporation issued the following statement today in response to the announcement yesterday by ArvinMeritor, Inc. that it commenced a tender offer for the outstanding Dana shares at $15.00 U.S.:
"Dana is evaluating ArvinMeritor’s tender offer. As indicated Tuesday, Dana’s board of directors will advise Dana shareholders of its position regarding the offer and state its reasons for such position within 10 business days of the commencement of the offer. Dana continues to urge its shareholders to defer making a determination whether to accept or reject ArvinMeritor’s offer until they have been advised of Dana’s position with respect to the offer. Dana’s shareholders, and its customers, suppliers and employees, are strongly advised to carefully read Dana’s solicitation/recommendation statement, when it becomes available, regarding the tender offer referred to in this press release, because it will contain important information, which should be considered carefully before any decision is made with respect to the tender offer. Copies of the solicitation/recommendation statement, which will be filed by Dana with the Securities and Exchange Commission, will be available free of charge at the SEC’s web site at http://www.sec.gov, or at the Dana web site at http://www.dana.com, and will also be available, without charge, by directing requests to Dana’s Investor Relations Department."
ArvinMeritor says that the offer represents a premium over the current share value of Dana.