The chief executive of ArvinMeritor repeated on Monday that the car parts maker would consider raising its bid for bigger rival Dana Corporation if Dana’s management were willing to cooperate and agree to a meeting, Reuters reported.
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“As I have expressed several times before, if Dana is willing to work with us to consummate a transaction, we are prepared to analyse further whether a higher value is warranted,” said Larry Yost, chairman and chief executive of ArvinMeritor, in a letter to the Dana’s independent directors cited by Reuters.
Dana last week rejected a $US2.2 billion bid by ArvinMeritor as inadequate and described it as risky even though the offer was all cash, Reuters noted.
In its Monday letter ArvinMeritor also repeated its willingness to make the offer for Dana a mixture of cash and stock, Reuters added.
