Dana Reports $200M Accelerated Buyback Plan

Dana Holding Corporation

today announced that it has entered into an Accelerated Share Repurchase agreement (ASR) with JPMorgan Chase Bank, National Association, whereby Dana will purchase $200 million of its outstanding shares of common stock. At the inception of the ASR, Dana will receive approximately 7.3 million shares.  The total number of shares ultimately purchased will be based on the share price of Dana's common stock over the averaging period set forth in the agreement.  The ASR is expected to be completed before the end of this year. Including the initial 7.3 million common shares received under the ASR, Dana will have reduced its number of common share equivalents by more than 34 million, returning approximately $775 million to shareholders under its $1 billion share repurchase program.  Share repurchases utilizing the remaining $225 million under this program may occur from time to time in the open market or through privately negotiated transactions and are subject to prevailing market conditions and other considerations.