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Article: Will Standard Zip into the M&A Fast Lane?(Standard Motor Products Inc. acquires engine management business from Dana Corp.)(Brief Article)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- July 21, 2003
- Author:
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A week before ArvinMeritor Corp. launched its $2.2 billion hostile bid for auto parts maker Dana Corp., the latter closed the sale of its engine management business to Standard Motor Products Inc. And thanks to that acquisition, Standard itself could see takeout offers.
On June 30, Long Island City, N.Y.-based Standard acquired Dana's engine management business for approximately $155 million, or four times EBITDA. The deal, announced on Feb. 10, did not wow the Street, as Standard's stock closed at $14.64, up just three cents from its opening price of $14.61. At press time, Standard's stock closed at $10.13.
As a result of the transaction, Toledo, ...