Friday, Dec 09, 2016
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ArvinMeritor: Dana bid reduced profit by $5M

TROY, Mich. — ArvinMeritor, Inc., said profit this quarter will be reduced $5 million by costs of the company's failed $2.68 billion hostile takeover bid for Dana Corp.

The reduction is equal to 7 cents a share, the Michigan company said in its annual filing with the Securities and Exchange Commission. ArvinMeritor is maintaining its profit forecast of 25 cents to 30 cents a share for its fiscal first quarter that ends Dec. 31, said Alice McGuire, vice president of investor relations.

ArvinMeritor dropped the takeover effort last month after Dana's board recommended that shareholders reject a revised offer of $18 a share.

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