Billionaire Kirk Kerkorian's investment company said yesterday its tender offer for 20 million additional shares of Ford Motor Co attracted a huge response and would easily enable it to increase its stake in the automaker to about 5.5 percent.
Tracinda Corp said in a statement its tender offer of US$8.50 a share drew offers of more than 1 billion of the company’s shares. It will buy 20 million shares for about US$170 million.
Tracinda launched a cash tender offer on May 9 for the additional shares, which was a slight premium to the stock’s May 8 closing price of US$8.20. Ford shares have since declined more than 20 percent and closed on Monday at US$6.36, up US$0.32, or 5.3 percent.
Tracinda began accumulating 100 million Ford shares, or 4.7 percent of the outstanding stock, on April 2 at an average cost of US$6.91 per share.
Ford’s board of directors had said it was neutral and would express no opinion about the offer.
The Dearborn, Michigan-based automaker announced last month that it no longer expected to return to profitability by next year. Ford is cutting production in North America for the rest of this year as high gas prices and a weak economy cut into sales.
The tender offer officially expired at 5pm on Monday. Tracinda had the option not to buy the additional shares under certain circumstances.
They included: “any change or prospective change in the affairs” of Ford that has a “materially adverse effect” on the company or any event that “would adversely affect the extension of credit by banks or other financial institutions.”
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