Toledo, Ohio-based Dana Corp. chief executive officer Joe Magliochetti said there's no price ArvinMeritor Inc. can offer that will make it consider the smaller auto-parts maker's hostile takeover bid.

Dana, the world's biggest maker of axles for pickup trucks, minivans and sport-utility vehicles Tuesday rejected the $2.2 billion offer as too low and too risky. The chief executive told analysts and investors Wednesday that Dana wants to remain independent and isn't interested even if ArvinMeritor increases the $15-a-share tender offer it made July 9.

"Suppose someone knocks at your door and asks to buy your house, below the market price, when you didn't have it for sale, and no financing available," Magliochetti said. "Why would you bring them into your home to discuss the sale?"

ArvinMeritor said it's willing to pay more if Dana's board will negotiate and would consider a mix of cash and stock if that would ease a transaction.

"That's why we made our offer directly to Dana's shareowners," Matt Sherman of Joele Frank, Wilkinson Brimmer Katcher, a New York public-relations firm representing ArvinMeritor, said in response to Magliochetti's comments. "We've been actively communicating about our offer and shareowners of both companies are responding favorably. We expect Dana's board and management to fulfill their duties to the owners of the company."