ArvinMeritor Terminates Offer for Dana
24 November 2003 - 1:21AM
PR Newswire (US)
ArvinMeritor Terminates Offer for Dana TROY, Mich., Nov. 23
/PRNewswire-FirstCall/ -- ArvinMeritor, Inc. today announced that
it has terminated its $18.00 per share all cash tender offer to
acquire all of the outstanding common shares of Dana Corporation
following Dana's announcement that its board of directors
recommends that its shareowners reject ArvinMeritor's increased
offer. No Dana shares were purchased by ArvinMeritor pursuant to
the offer, and all tendered shares will be returned promptly. Larry
Yost, chairman and chief executive officer of ArvinMeritor, said,
"We are disappointed that the Dana Board is unwilling to sit down
with us and has chosen instead to deprive Dana's shareowners of the
immediate and substantial value inherent in our $18.00 per share
offer. However, as we have previously stated, this was our final
offer. Our primary responsibility is to ArvinMeritor's shareowners,
and we do not believe it is in their best interests to continue
expending valuable corporate resources for an indeterminate period
of time. ArvinMeritor believes industry consolidation is necessary
and inevitable, and we will pursue an organic growth strategy,
while examining opportunities for consolidation that enhance value
for our shareowners. "ArvinMeritor will continue to focus on growth
products and on expanding its product portfolio, and remains
well-positioned to compete in established and emerging markets
around the world. Our strategy will continue to build upon our
ability to identify, execute and deliver critical cost
efficiencies, while we focus on providing customers with superior
technology, products and services they need to remain competitive
in a changing industry environment." The company reiterated its
guidance of $0.25 to $0.30 per diluted share for the first quarter
of fiscal year 2004, and its full-year 2004 guidance in the range
of $2.20 to $2.40 per diluted share. ArvinMeritor, Inc. is a
premier $8-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. Headquartered in Troy, Mich., the company employs
approximately 32,000 people at more than 150 manufacturing
facilities in 27 countries. ArvinMeritor 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/. This press release contains
statements relating to future results of the company (including
certain projections and business trends) that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Actual results may differ materially from those
projected as a result of certain risks and uncertainties,
including, but not limited to, global economic and market
conditions; the demand for commercial, specialty and light vehicles
for which the company supplies products; risks inherent in
operating abroad, including foreign currency exchange rates;
potential increases in raw material costs; OEM program delays;
demand for and market acceptance of new and existing products;
successful development of new products; reliance on major OEM
customers; labor relations of the company, its customers and
suppliers; successful integration of acquired or merged businesses;
the ability to achieve the expected annual savings and synergies
from past and future business combinations; competitive product and
pricing pressures; the amount of the company's debt; the ability of
the company to access capital markets; credit ratings of the
company's debt; the outcome of existing and any future legal
proceedings, including any litigation with respect to environmental
or asbestos-related matters; as well as other risks and
uncertainties, including, but not limited to, those detailed from
time to time in the filings of the company with the Securities and
Exchange Commission. DATASOURCE: ArvinMeritor, Inc. CONTACT: Lin
Cummins, Media Inquiries, +1-248-435-7112, +1-248-650-8253, or , or
Alice McGuire, Investor Inquiries, +1-248-655-2159, , both of
ArvinMeritor, Inc.; or Dan Katcher, or Ellen Barry,
+1-212-355-4449, both of Joele Frank, Wilkinson Brimmer Katcher,
for ArvinMeritor, Inc. Web site: http://www.arvinmeritor.com/
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