ArvinMeritor Inc. has extended its offer to purchase Dana Corp. for $15 per share until Oct. 2.
In its Aug. 22 filing with the Federal Trade Commission, ArvinMeritor already had extended its purchase offer until midnight Sept. 8 or Sept. 18 if the FTC requested additional information. The offer originally was scheduled to expire Aug. 28.
In response to the extension, Dana said it believes the deal doesn't make sense. It pointed to the ``low number'' of shares tendered so far-just more than 2.5 million-as evidence that its shareholders agree.
Additionally, ArvinMeritor now is discussing divestitures of the combined commercial vehicle assets and other operations that could limit any possible synergies, the firm said.