What a difference a year makes, eh?
Last year at this time, ArvinMeritor, led by CEO Larry Yost, was trying to take over Dana Corp., where CEO Joe Magliochetti was leading the defense.
Yost's rational for the hostile takeover attempt was that the two companies had complementing business strengths and combining them would create the basis for a strong enterprise that would be more likely to survive and thrive in a new era of consolidation.
He was interested in hooking up ArvinMeritor's aftermarket business with Dana's aftermarket business, both of which suffered from eroding profitability.
Joe Mag died last September. But Dana beat off the ArvinMeritor takeover. And under the direction of new CEO Mike Burns, Dana decided to sell its aftermarket business.
Larry Yost turned 66 in February and decided to retire. Now, under the direction of new CEO Chip McClure, ArvinMeritor seems about ready to divest its aftermarket business.
Here's the kicker: The same New York-based private equity firm that bought Dana's aftermarket business could end up with ArvinMeritor's business too, according to Merrill Lynch analyst John Casesa.
What do you think Larry Yost would say about that?