ArvinMeritor Extends Tender Offer for Dana Until Dec. 1, 2003
31 Oktober 2003 - 12:12AM
PR Newswire (US)
ArvinMeritor Extends Tender Offer for Dana Until Dec. 1, 2003 TROY,
Mich., Oct. 30 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. today
announced that it has extended its $15.00 net per share offer for
all of the outstanding common shares of Dana Corporation's common
stock until 5:00 p.m. Eastern Standard Time (EST), on Dec. 1, 2003,
unless further extended. The offer was previously scheduled to
expire at 5:00 p.m. EST, on Oct. 30, 2003. At that time, Dana
shareowners had tendered and not withdrawn approximately 2,284,396
shares pursuant to ArvinMeritor's tender offer. ArvinMeritor's
offer represents a premium of 56 percent over Dana's closing stock
price on June 3, 2003, the last trading day before ArvinMeritor
submitted its first proposal to Dana in writing, a premium of 39
percent over Dana's average closing stock price for the 30 trading
days before ArvinMeritor publicly announced its intention to
commence a tender offer, and a premium of 25 percent over Dana's
closing stock price on July 7, 2003, the last trading day before
ArvinMeritor publicly announced its intention to commence a tender
offer. ArvinMeritor, Inc. is a premier $7-billion global supplier
of a broad range of integrated systems, modules and components to
the motor vehicle industry. The company serves light vehicle,
commercial truck, trailer and specialty original equipment
manufacturers and related aftermarkets. In addition, ArvinMeritor
is a leader in coil coating applications. The company is
headquartered in Troy, MI, and employs 32,000 people at more than
150 manufacturing facilities in 27 countries. ArvinMeritor's common
stock is traded on the New York Stock Exchange under the ticker
symbol ARM. For more information, visit the company's Web site at:
http://www.arvinmeritor.com/. The solicitation and offer to
purchase is made only pursuant to the Offer to Purchase and related
materials that ArvinMeritor and Delta Acquisition Corp. filed with
the Securities and Exchange Commission on July 9, 2003. Investors
and security holders are advised to read such documents because
they include important information. Investors and security holders
may obtain a free copy of such documents at the SEC's website at
http://www.sec.gov/, from ArvinMeritor at 2135 W. Maple Road, Troy,
MI 48084, Attn: Investor Relations, or by contacting Mackenzie
Partners, Inc. at (212) 929-5500 collect or at (800) 322-2885
toll-free or by email at . DATASOURCE: ArvinMeritor, Inc. CONTACT:
Media - Lin Cummins, +1-248-435-7112, , or Investors - Alice
McGuire, +1-248-655-2159, , both of ArvinMeritor, Inc.; or Dan
Katcher or Ellen Barry of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449, for ArvinMeritor, Inc. Web site:
http://www.arvinmeritor.com/
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