Dynamically vulcanized multi-component polymer blends are prepared containing thermoplastic polyolefins, non-vulcanized rubber, and ethylene-vinyl acetate-maleic anhydride terpolymer crosslinked in situ. The dynamically vulcanized blend is prepared from a crosslinkable composition containing thermoplastic polyolefin, rubber, non-crosslinked ethylene-vinyl acetate-maleic anhydride terpolymer, epoxy, and tertiary amine. The crosslinkable composition is crosslinked at an elevated temperature for sufficient time to crosslink the ethylene-vinyl acetate maleic anhydride terpolymer without substantial decomposition forming uniform dispersion of small particles of rubber and ethylene-vinyl acetate-terpolymer in the thermoplastic polyolefin matrix.
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