Kerkorian bids to boost Ford stake |
| CNNMoney.com - Apr 28, 2008 |
Billionaire financier Kirk Kerkorian announced Monday that he's offering $170 million for 20 million shares of Ford Motor Co., which - combined with the 100 million shares he purchased earlier this month - would boost his stake in the automaker above 5%.
Shares of Ford (F, Fortune 500) soared 55 cents, or 7.3%, to $8.05 in pre-market trading on news of the offer.
Kerkorian's investment firm, Tracinda Corp., announced the $8.50-a-share offer for Ford shares in a statement.
The price represents a 13.3% premium over Friday's closing price of $7.50. The 20 million shares would represent just under a 1% stake in Ford on top of the 4.7% stake Tracinda - whose sole shareholder is Kerkorian - said it now owns.
Read Full Article from CNNMoney.com
- Posted: 2008-04-28 08:43:27
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