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ArvinMeritor drops Dana bid

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ArvinMeritor Inc. has dropped its bid to take over Dana after Dana’s board of directors recommended share owners reject the offer. Just a week ago, ArvinMeritor raised its original offer from $15 a share to $18.

CEO Larry Yost said the offer would expire Dec. 2 and was as high as the company would go. However, ArvinMeritor withdrew from the bid when Dana’s board recommended against the offer.

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