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.November 26, 2003
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ArvinMeritor Terminates Offer for Dana
 

TROY, Mich. - ArvinMeritor, Inc. announced that it has terminated its $18.00 per share all cash tender offer to acquire all of the outstanding common shares of Dana Corporation following Dana's announcement that its board of directors recommends that its shareowners reject ArvinMeritor's increased offer. No Dana shares were purchased by ArvinMeritor pursuant to the offer, and all tendered shares will be returned promptly. Larry Yost, chairman and chief executive officer of ArvinMeritor, said, "We are disappointed that the Dana Board is unwilling to sit down with us and has chosen instead to deprive Dana's shareowners of the immediate and substantial value inherent in our $18.00 per share offer. However, as we have previously stated, this was our final offer. Our primary responsibility is to ArvinMeritor's shareowners, and we do not believe it is in their best interests to continue expending valuable corporate resources for an indeterminate period of time. ArvinMeritor believes industry consolidation is necessary and inevitable, and we will pursue an organic growth strategy, while examining opportunities for consolidation that enhance value for our shareowners.

The company reiterated its guidance of $0.25 to $0.30 per diluted share for the first quarter of fiscal year 2004, and its full-year 2004 guidance in the range of $2.20 to $2.40 per diluted share.

(Nov 24, 2003)