Automotive parts maker ArvinMeritor Inc. on Monday said it was raising its unsolicited takeover bid for rival Dana Corp. by 20% to $18 per share, saying that would be its final offer for the company, Reuters reported.

ArvinMeritor's previous bid, launched in July, was $15 per share, an offer Dana has called inadequate, the news agency noted.

Under the deal, ArvinMeritor would pay $2.2 billion, and acquire $2.2 billion in debt, Reuters added.

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