GM Inside News Forum banner
1 - 3 of 3 Posts

· Registered
7,885 Posts
Discussion Starter · #1 ·

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.
1 - 3 of 3 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.