Tracinda ups stake in Delta Petroleum to 36.02%

By Lisa Kerner

Charlotte, N.C., Nov. 14 - Tracinda Corp. purchased 1.1 million shares of Delta Petroleum Corp. on Nov. 12 and Nov. 13 at an average price of $5.61 per share, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Kirk Kerkorian, Tracinda's sole shareholder, now owns 37,228,000 shares, or 36.02%, of the Denver oil and gas exploration company's common stock.

It was reported on Oct. 31 that Tracinda intends to make a cash tender offer of $11.00 per share for up to 14 million shares, or 13.55%, of Delta Petroleum's common stock.

Following the tender offer, Tracinda would beneficially own 50,128,000 shares, or approximately 48.53%, of Delta's common stock if the offer is fully subscribed.

Delta Petroleum said its board of directors would review the offer and make a recommendation to the company's stockholders within 10 days of the offer's start.

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