More than 1 billion shares tendered in Tracinda's offer for Ford

By Lisa Kerner

Charlotte, N.C., June 10 - Preliminary results show that 1,016,959,620 shares of Ford Motor Co.'s common stock were tendered in Tracinda Corp.'s offer for up to 20 million shares of the company's stock.

The number of shares tendered includes 240,549,802 shares tendered by notices of guaranteed delivery, according to a Tracinda news release.

On May 30 the investor announced it would waive the condition to its tender offer requiring that the market price of Ford shares does not decrease by 10% or more from the close of trading on May 8.

Tracinda said it will purchase 20 million shares of Ford's common stock at a purchase price of $8.50 per share, for a total purchase price of $170 million.

The number of shares tendered and not withdrawn and the proration factor - 1.97% - are preliminary and are subject to verification.

As previously reported, Kirk Kerkorian, sole Tracinda shareholder, owns 100 million shares, or 4.7%, of Ford's outstanding common stock, which were purchased at an average cost of $6.91 per share.

Following completion of the tender offer, Tracinda will beneficially own 120 million shares, or 5.6%, of the Dearborn, Mich.-based car company.

Information agent for the offer was D.F. King & Co., Inc. (800 859-8511).

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