Kerkorian plans offer for 20 million Ford shares
Written on April 28, 2008
LOS ANGELES – Billionaire Kirk Kerkorian’s company says it plans to make a cash offer of $8.50 per share for up to 20 million shares of Ford Motor Co.
The offer price represents a 13.3 per cent premium over Ford’s closing price on Friday.
Kerkorian’s Tracinda Corp. now owns 100 million Ford shares, or 4.7 per cent of the outstanding stock. When the offer is completed, Tracinda’s stake will increase to 5.6 per cent.
Tracinda says Ford’s first-quarter results reinforced that the company is having success in its turnaround efforts, despite the difficult U.S cash till payday. economy. Tracinda says it believes the Dearborn, Mich.-based company will continue to "show significant improvements."
The offer is not subject to financing.
Filed in: management.