Tracinda to tender for Tesoro shares

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Tracinda Corp. said it plans a $64.00-per-share cash tender offer for up to 21,875,000 shares, or some 16%, of Tesoro Corp.'s common stock.

The offer price is an 11.9% premium over Tesoro's closing stock price of $57.20 on Oct. 25 and a 36.7% premium over the closing stock price on Oct. 3, the date Tracinda began purchasing Tesoro shares.

Once the offer is complete, Tracinda would beneficially own 27,375,000 shares, or about 20%, of Tesoro's common stock, according to a company news release.

Based in San Antonio, Tesoro is an independent refiner and marketer of petroleum products.

Tracinda is a Beverley Hills, Calif., private investment corporation owned by Kirk Kerkorian.

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