Appaloosa Management LP extended until Oct. 26 its deadline for Toledo s Dana Corp. to accept its investment offer.
Appaloosa, Dana s largest shareholder, had set an Oct. 9 deadline to decide on the proposal, which competes with an offer from Centerbridge Capital Partners LP. A letter about the extension was included in a filing yesterday with the Securities and Exchange Commission.
Appaloosa said it would eliminate a requirement of union approval and fund a program of $1,000 bonuses for some union workers.
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