Thursday, June 12, 2008
Ford tenders half its stock
Flurry of activity following Kerkorian shares bid
Ford has tendered nearly half of its stock in response to American billionaire Kirk Kerkorian's offer to buy its shares at a large premium.
The carmaker's stockholders offered Kerkorian 1.02 billion shares following his offer to acquire 20m shares at $8.50 (£4.30) through his Tracinda Corp investment vehicle.
Shareholders may be eager to take the offer as Ford shares were down nearly 4 per cent at $6.10 on the New York Stock Exchange earlier this week.
Kerkorian, who was also one of the original bidders to buy previously Ford-owned Land Rover and Jaguar, purchased 100 million Ford shares in April and announced plans to tender the offer, even after Ford issued a profit warning.
He was previously the largest individual shareholder in rival carmaker General Motors.
DATED: 12.06.08
FEED: MT
Ford has tendered nearly half of its stock in response to American billionaire Kirk Kerkorian's offer to buy its shares at a large premium.
The carmaker's stockholders offered Kerkorian 1.02 billion shares following his offer to acquire 20m shares at $8.50 (£4.30) through his Tracinda Corp investment vehicle.
Shareholders may be eager to take the offer as Ford shares were down nearly 4 per cent at $6.10 on the New York Stock Exchange earlier this week.
Kerkorian, who was also one of the original bidders to buy previously Ford-owned Land Rover and Jaguar, purchased 100 million Ford shares in April and announced plans to tender the offer, even after Ford issued a profit warning.
He was previously the largest individual shareholder in rival carmaker General Motors.
DATED: 12.06.08
FEED: MT
