ArvinMeritor, Inc. announced that is has extended its $15.00 net per share offer for all outstanding common shares of Dana Corporation’s common stock
until 5:00 p.m. Eastern Daylight Time, on Oct. 2, 2003, unless further extended. The offer was originally set to expire Thursday at 5:00 p.m. EDT.
At that time, according to an Arvin Meritor press release, Dana shareowners had tendered and not withdrawn approximately 2,543,879 shares pursuant to ArvinMeritor’s tender offer.
ArvinMeritor said its 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.