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http://www.reuters.com/article/marketsNews/idINWNAS333320080509?rpc=44
DETROIT, May 9 (Reuters) - Billionaire investor Kirk Kerkorian on Friday launched his planned tender offer to acquire 20 million shares in Ford Motor Co (F.N: Quote, Profile, Research), which would raise his stake in the automaker to about 5.5 percent.
The cash tender offer through Kerkorian's Tracinda Corp is priced at $8.50 and is scheduled to expire at 5 p.m. EDT (2100 GMT) on June 9 unless it is extended, Tracinda said in a statement.
Kerkorian, who has previously held stakes in Chrysler and General Motors Corp (GM.N: Quote, Profile, Research) and made an unsuccessful bid to acquire Chrysler in 2007, disclosed in April that he had acquired a 100-million share stake in Ford and planned the tender.
The offer price represents a 13.3 percent premium over Ford's closing stock price on the last day before Kerkorian disclosed his stake in Ford and the tender offer.
DETROIT, May 9 (Reuters) - Billionaire investor Kirk Kerkorian on Friday launched his planned tender offer to acquire 20 million shares in Ford Motor Co (F.N: Quote, Profile, Research), which would raise his stake in the automaker to about 5.5 percent.
The cash tender offer through Kerkorian's Tracinda Corp is priced at $8.50 and is scheduled to expire at 5 p.m. EDT (2100 GMT) on June 9 unless it is extended, Tracinda said in a statement.
Kerkorian, who has previously held stakes in Chrysler and General Motors Corp (GM.N: Quote, Profile, Research) and made an unsuccessful bid to acquire Chrysler in 2007, disclosed in April that he had acquired a 100-million share stake in Ford and planned the tender.
The offer price represents a 13.3 percent premium over Ford's closing stock price on the last day before Kerkorian disclosed his stake in Ford and the tender offer.
