Dana Corporation Comments on Third Extension of ArvinMeritor Tender Offer
31 Oktober 2003 - 12:37AM
PR Newswire (US)
Dana Corporation Comments on Third Extension of ArvinMeritor Tender
Offer TOLEDO, Ohio, Oct. 30 /PRNewswire-FirstCall/ -- Dana
Corporation issued the following statement today in response to the
announcement by ArvinMeritor, Inc. that it will extend for a third
time the expiration of its tender offer for all outstanding Dana
shares. "On July 22, Dana's Board of Directors rejected
ArvinMeritor's offer after a thorough review and consultation with
its legal and financial advisors," said Bill Carroll, Acting
President and Chief Operating Officer. "The Board concluded at that
time that the offer was a financially inadequate, high-risk
proposal that was not in the best interests of Dana or its
shareholders, and nothing has changed with respect to the offer
since that time. As demonstrated by our strong third-quarter
earnings, Dana's restructuring and transformation efforts are
producing results and the Board continues to believe that the
company's ongoing strategy is a better way to enhance value for our
shareholders." Mr. Carroll continued, "In the nearly four months
since ArvinMeritor originally made this unsolicited offer, it still
has not announced that it has the necessary financing for the
transaction. In addition, the major antitrust challenges that
Dana's Board noted from the start were underscored by the 'second
request' for information issued by the FTC in early September.
Since August, ArvinMeritor has publicly discussed potential
divestitures of the combined company's assets to address these
challenges. Substantial divestitures would limit the opportunities
for synergies and change the strategic premise for the transaction
that ArvinMeritor originally proposed to shareholders. For these
reasons, among others, investors understandably continue to
question whether this deal makes sense." Dana's shareholders, and
its customers, suppliers and employees, are strongly advised to
read carefully Dana's solicitation/recommendation statement
regarding ArvinMeritor's tender offer, because it contains
important information. Free copies of the
solicitation/recommendation statement and the related amendments,
which have been filed by Dana with the Securities and Exchange
Commission, are available at the SEC's web site at
http://www.sec.gov/, or at the Dana web site at
http://www.dana.com/, and also by directing requests to Dana's
Investor Relations Department or Dana's information agent, D.F.
King & Co., Inc., at 1-800-901-0068. Dana is a global leader in
the design, engineering, and manufacture of value-added products
and systems for automotive, commercial, and off-highway vehicle
manufacturers and their related aftermarkets. The company employs
approximately 60,000 people worldwide. Founded in 1904 and based in
Toledo, Ohio, Dana operates hundreds of technology, manufacturing,
and customer service facilities in 30 countries. The company
reported 2002 sales of $9.5 billion. Contact: Michelle Hards (419)
535-4636 Website: http://www.dana.com DATASOURCE: Dana Corporation
CONTACT: Michelle Hards of Dana Corporation, +1-419-535-4636,
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