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Kerkorian's investment company says it will acquire 20M more Ford shares in $170M transaction

Kerkorian's investment company says it will acquire 20M more Ford shares in $170M transaction

Billionaire Kirk Kerkorian's investment company says it will purchase 20 million additional shares of Ford Motor Co. for $170 million, increasing its stake in the company to about 5.5 percent.
Tracinda Corp. said in statement Tuesday it would acquire the shares at $8.50 a share.
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 $8.20. Ford shares have since declined more than 20 percent and closed Monday at $6.36, up 32 cents, 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 $6.91 per share.


Updated : 2021-07-26 13:49 GMT+08:00