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.
June 21, 2007 |
Never mind. Billionaire investor Kirk Kerkorian has abandoned his effort to buy two of MGM Mirage's premier Las Vegas developments, the Bellagio casino-resort and the $7-billion CityCenter development. The announcement Wednesday by Kerkorian's Tracinda Corp.