ArvinMeritor Responds to Dana Complaint
ArvinMeritor, Inc. (NYSE: ARM) issued a statement Aug. 18, 2003 in response to a complaint filed in Lucas County, Ohio late the previous week by Dana Corporation (NYSE: DCN). The statement was delayed because of the power outages in the Northeast and Midwest sections of the country.
“We believe the lawsuit is entirely without merit and we will contest it vigorously. We believe that Dana’s shareowners would be better served by the Board and management working with us to quickly close a transaction that is in the best interests of both companies’ shareowners.
“As we have said before, if Dana is willing to work with us to consummate a transaction, we will analyze further whether a higher value is warranted. In addition, we are flexible in considering a mix of cash and stock if it will facilitate a transaction.”