COMPANY NEWS; Dana Agrees to Buy Champion Spark Plug
The Dana Corporation, a giant auto parts company, agreed to buy the 82-year-old Champion Spark Plug Company for about $600 million in cash and stock, the companies said today.
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The deal, which must be approved by Champion’s shareholders, would end the independence of the spark plug maker, which has been controlled by the Stranahan family since its founding in 1907.
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The two Toledo-based companies said the merger would unite Champion’s famous name with Dana’s far-flung distribution system. Although not as well known as Champion, Dana is a bigger company, with 1987 sales of $4.9 billion. It makes a variety of automotive parts, including drive-train components, engine parts and chassis products. Champion had sales of $554 million through the first nine months of 1988.
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Champion’s stock, already up because of speculation of a merger, rose 25 cents a share on the New York Stock Exchange, to $18, above Dana’s offering price. Dana’s stock fell $1.375 a share, to $38.375.
Under terms of the deal, Dana will make a $17.50-a-share cash tender offer by Feb. 1 for 17.3 million shares, or about 50.1 percent of Champion’s common stock on a fully diluted basis, a Champion spokesman, Anthony Mougey, said.
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After the merger the rest of Champion’s stock would be exchanged for cash or for Dana stock with a value of $17.50 a share, with an overall limit that no more than half of Champion’s shares would be bought for cash, the companies said.
Market interest in Champion increased with reports that members of Chinook Partners L.P., which holds 35 percent of Champion’s common stock, might dissolve the partnership.
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Chinook was founded three years ago when descendants of Frank and Robert Stranahan, the company’s founders, decided to pool their holdings to maintain a dominant voice in Champion’s affairs.
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