Dana Corporation Responds to ArvinMeritor Announcement of Revised Tender Offer

Nov 17, 2003

    TOLEDO, Ohio, Nov. 17 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) issued the following statement today, in response to the
announcement by ArvinMeritor, Inc. (NYSE: ARM) of a revised tender offer for
outstanding Dana shares.
    (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    "ArvinMeritor has today announced a revised tender offer for all
outstanding shares of Dana common stock at a price of $18 per share.  Dana's
Board will evaluate ArvinMeritor's revised offer and will advise Dana
shareholders of the Board's position regarding the revised offer and its
reasons for such position.  Dana urges its shareholders to defer making a
determination of whether to accept or reject ArvinMeritor's revised offer
until they have been advised of the Dana Board's position.
    "Dana's shareholders, and its customers, suppliers and employees, are
strongly advised to read carefully Dana's solicitation/recommendation
statement regarding ArvinMeritor's revised tender offer, when it becomes
available, because it will contain important information.  Free copies of the
solicitation/recommendation statement, which will be filed by Dana with the
Securities and Exchange Commission, will be available at the SEC's web site
at http://www.sec.gov , or at the Dana web site at http://www.dana.com , and also by
directing requests to Dana's Investor Relations Department."
    Dana is a global leader in the design, engineering, and manufacture of
value-added products and systems for automotive, commercial, and off-highway
vehicle manufacturers and their related aftermarkets.  The company employs
approximately 60,000 people worldwide.  Founded in 1904 and based in Toledo,
Ohio, Dana operates hundreds of technology, manufacturing, and customer
service facilities in 30 countries.  The company reported 2002 sales of
$9.5 billion.

SOURCE Dana Corporation

Web Site: http://www.dana.com

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