The merger transforms Dana into a larger, pure-play mobility company with combined scale in vehicle electrification and driveline components. Traders should monitor regulatory filings (HSR Act clearance), Dana's proxy statement release, and the timing of Eaton's spin-off. The transaction is expected to close within approximately one year; any delay or failure to obtain regulatory approvals or stockholder approval could trigger the termination fee.
Price Chart
Executive Summary
Dana Inc. has entered into a definitive merger agreement with Eaton Corporation plc, under which Eaton will spin off its Vehicle and eMobility segments into a newly formed company (SpinCo), which will then acquire Dana in an all-stock merger. Dana shareholders will receive one SpinCo share for each Dana share (Exchange Ratio of 1:1). Post-merger, the combined entity will operate as Dana Inc. and trade on the NYSE under the ticker 'DAN'. The transaction is structured as a tax-free reorganization and is subject to regulatory approvals, Dana stockholder approval, and the completion of Eaton's separation and distribution.
Key Financial Metrics
Key Facts
- Dana will be acquired by SpinCo (the spun-off mobility business of Eaton) in an all-stock merger with an Exchange Ratio of 1:1.
- The combined company will retain the name Dana Inc. and trade as 'DAN' on the NYSE.
- Eaton will spin off its Vehicle and eMobility segments to Eaton shareholders prior to the merger.
- Dana shareholders will vote on the merger; Dana's board unanimously approved and recommends the deal.
- A termination fee of $158,700,000 is payable by Dana under certain conditions.
- Bruce McDonald will serve as Executive Chairman of the combined company's board.
- Post-merger, the Dana board will continue with existing Dana directors plus three Eaton nominees.
- The transaction is intended to qualify as a tax-free reorganization under Section 368(a) of the Code and the distribution as a tax-free spin-off under Section 355.
Financial Impact
No deal value, premium, or financial projections disclosed. The SpinCo Payment to Eaton is $1,101,355,919 plus an estimated adjustment amount, partly funded by new SpinCo debt. A termination fee of $158,700,000 is stipulated.
Risk Factors
- Failure to obtain required regulatory approvals or Dana stockholder approval could scuttle the deal.
- Execution risk related to the separation and spin-off of Eaton's mobility businesses.
- Potential integration challenges from combining two large automotive suppliers.
- Dilution risk: Dana shareholders receive SpinCo shares, which will have a new capital structure and debt load.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-267630 |
| Document: d71897dex21.htm | 0001193125-26-267630 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | 425 | $28.44 $32.04 | ▲ +12.66% | ▲ +13.06% | $27.87 (−2.00%) |
Aug 6, 2026 8w ago | 425 | $27.32 $31.52 | ▲ +15.37% | ▲ +14.77% | $27.87 (+2.01%) |
Aug 6, 2026 8w ago | 8-K | $27.32 $31.52 | ▼ −15.37% | ▼ −14.77% | $27.87 (−2.01%) |
Jul 20, 2026 10w ago | Press Release | $26.15 $31.35 | ▼ −19.89% | ▼ −15.76% | $27.87 (−6.58%) |
Jun 11, 2026 16w ago | 425 | $30.81 $27.33 | ▼ −11.29% | ▼ −13.07% | $27.87 (−9.54%) |
Jun 11, 2026 16w ago | 425 | $30.81 $27.33 | ▼ −11.29% | ▼ −13.07% | $27.87 (−9.54%) |
Jun 11, 2026 16w ago | 425 | $30.81 $27.33 | ▼ −11.29% | ▼ −13.07% | $27.87 (−9.54%) |
Jun 11, 2026 16w ago | 425 | $30.81 $27.33 | ▼ −11.29% | ▼ −13.07% | $27.87 (−9.54%) |
Jun 11, 2026 16w ago | 8-K | $30.81 $27.33 | ▼ −11.29% | ▼ −13.07% | $27.87 (−9.54%) |
Jun 11, 2026 16w ago | 425 | $30.11 $26.39 | ▼ −12.35% | ▼ −14.25% | $27.87 (−7.44%) |
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