ArvinMeritor's Raised Offer Not Fooling Dana Holders By David Brail About this article: ArvinMeritor may think today's increase in its bid for fellow auto parts maker Dana -- from $15 a share to $18 a share -- coupled with an ultimatum that ArvinMeritor will end its bid if Dana doesn't capitulate, is a graceful exit from its self-induced quagmire. I think they're wrong. The failure of this embarrassing bungle rests solely on gross strategic miscalculations that should have been readily foreseen. That the market is too naïve to see through this transparent surrender is belied by today's price movement in Dana's shares, which are down more than 7%. The announcement of a bump in the tender price of a hostile takeover bid is usually welcome news for the target company's shareholders. Particularly in cases where the target's board had been resisting due to an inadequate initial bid, a bump can be the tipping point that leads to negotiations and ultimately... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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