Friday May 9, 02:27 PM
Tracinda begins cash tender offer to buy 20M Ford common shares at $8.50 per
NEW YORK (Thomson Financial) - Tracinda Corp., the investment vehicle of Kirk Kerkorian, said Friday it's commenced its planned cash tender offer to purchase up to 20 million common shares of Ford Motor Co. at $8.50 each.
The stock finished Thursday's session at $8.20.
Tracinda noted that the offer price represents a premium of more than 13% from where the stock was trading just prior to the initial announcement on April 28.
If Tracinda is able to buy the additional 20 million shares, its stake in Ford would increase 20% to 120 million shares, or roughly 5.5% of the company's outstanding common stock.
Michael Baron
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