USA: ArvinMeritor formally launches Dana bid - report
ArvinMeritor on Wednesday formally launched its hostile tender offer for bigger rival Dana Corporation, Reuters reported. The news agency said that ArvinMeritor launched the cash tender offer at $US15 per share valuing Dana at $2.2 billion and the tender will remain open until August 28. A Dana spokesman told Reuters the company would respond to ArvinMeritor's offer within the next 10 business days.
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