Dana Corp. said that its board of directors will evaluate ArvinMeritor's offer to acquire the outstanding shares of Dana for $15 per share in cash, and give its advice to its shareholders within 10 days.

The proposed transaction has a total equity value of approximately $2.2 billion assuming 148.6 million shares of Dana outstanding, ArvinMeritor said. In addition, Dana has net debt and minority interests of approximately $2.2 billion, accounting for Dana Credit Corp. on an equity basis, bringing the total enterprise value to approximately $4.4 billion.

Dana said that it has advised its shareholders, customers, suppliers and employees to carefully read the company's solicitation/recommendation statement regarding the offer.