June 18, 2008 |
Ford Motor Co. said its top executives met with representatives of billionaire Kirk Kerkorian's Tracinda Corp., a week after the investor completed an offer to buy more of the automaker's shares. The meeting "was positive and a chance for the leaders of both companies" to discuss Ford's turnaround efforts, the Dearborn, Mich.-based automaker said. The second-largest U.S.-based automaker said Chairman William Clay Ford Jr. and Chief Executive Alan Mulally attended. The statement didn't identify who represented Tracinda.
June 11, 2008 |
Billionaire Kirk Kerkorian's investment company said 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%. Tracinda Corp. said its tender offer of $8.50 a share drew offers of more than 1 billion of the company's shares. It will buy 20 million shares for about $170 million. Nearly half of Ford's 2.17 billion outstanding shares were tendered. "The response from investors is understandable given that the offer represented a significant premium over Ford's current share price," said Mark Truby, a Ford spokesman.
November 27, 2007 |
Billionaire Kirk Kerkorian's Tracinda Corp. suggested it may withdraw its $1.4-billion tender offer for 16% of Tesoro Corp. after the refinery owner adopted a stockholder-rights plan that Tracinda said violates a condition of the bid. Shares of Tesoro fell 7.6% on Monday. The rights plan "significantly limits opportunities to enhance stockholder value," Tracinda said in a statement. Tracinda also said it was "weighing its alternatives."
November 16, 2007 |
Tesoro Corp., a U.S. refiner targeted in a $1.4-billion tender offer by Kirk Kerkorian's Tracinda Corp., suggested giving a Tracinda representative a seat on its board. Tesoro Chief Executive Bruce Smith, during a Nov. 13 meeting with Tracinda executives in Beverly Hills, said it might be "a good idea" for the investment firm to have a board seat, according to a public filing by Tracinda. San Antonio-based Tesoro also suggested entering into a shareholder agreement with the firm.
October 27, 2007 |
Kirk Kerkorian's Tracinda Corp. plans a $1.4-billion tender offer to acquire a 16% stake in Tesoro Corp., a U.S. refiner whose profit jumped tenfold in the last four years as gasoline demand and prices climbed. The offer will be for 21.9 million shares of San Antonio-based Tesoro at $64 each, Los Angeles-based Tracinda said Friday. The price is 12% higher than Thursday's close. Kerkorian, a 90-year-old billionaire, would become Tesoro's largest shareholder, with a 20% stake.
May 23, 2007 |
Does Kirk Kerkorian have a hot hand? Wall Street thinks so. Investors went "all in" on shares of MGM Mirage on Tuesday, the day after Kerkorian's Tracinda Corp. disclosed that he wanted to buy two of the hotel and gaming company's prime Las Vegas assets. MGM Mirage's stock zoomed more than 27% despite few specifics from the billionaire investor concerning his plans. Other gaming stocks rallied as investors bet that Kerkorian was on to something.