Kirk Kerkorian wants more of Ford Motor
Billionaire investor Kirk Kerkorian said he may increase his Ford Motor stake beyond 5.6% as he followed up on his plan to buy additional shares.
By Bloomberg |
SOUTHFIELD: Billionaire investor Kirk Kerkorian said he may increase his Ford Motor stake beyond 5.6% as he followed up on his plan to buy additional shares.
The offer, announced in a newspaper advertisement, reiterates that Kerkorian���s Tracinda Corp. will pay $8.50 for each of 20 million additional shares that will give him 5.6% of the world���s third-largest automaker. Tracinda began buying Ford shares on April 2 and disclosed April 28 it had acquired 100 million for a 4.7% stake.
Tracinda may ���from time to time, propose business strategies and, subsequent to the expiration of the Offer, acquire additional shares,��� the ad said. The solicitation expires June 9. Kerkorian, 90, and his adviser Jerry York have cast the purchase as an endorsement of chief executive officer Alan Mulally���s efforts to restore Ford to profit.
The offer, announced in a newspaper advertisement, reiterates that Kerkorian���s Tracinda Corp. will pay $8.50 for each of 20 million additional shares that will give him 5.6% of the world���s third-largest automaker. Tracinda began buying Ford shares on April 2 and disclosed April 28 it had acquired 100 million for a 4.7% stake.
Tracinda may ���from time to time, propose business strategies and, subsequent to the expiration of the Offer, acquire additional shares,��� the ad said. The solicitation expires June 9. Kerkorian, 90, and his adviser Jerry York have cast the purchase as an endorsement of chief executive officer Alan Mulally���s efforts to restore Ford to profit.
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