Tracinda to own 5.6% of Ford shares following tender offer

By Lisa Kerner

Charlotte, N.C., June 13 - Tracinda Corp. said final results show 826,223,862 shares of Ford Motor Co. common stock were properly tendered and not withdrawn in Tracinda's offer that ended June 9.

The final results, tabulated by Mellon Investor Services LLC, result in a proration factor of approximately 2.42%, according to a Tracinda news release.

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

Following the purchase, sole Tracinda shareholder Kirk Kerkorian will own 120 million shares, or 5.6%, of the Dearborn, Mich.-based car company.

Prior to the offer, Kerkorian owned 100 million Ford shares bought at an average cost of $6.91 per share.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.