Kerkorian Acquires Big Stake In Ford

May 2008 | M&A Analysis

On April 28, Kirk Kerkorian, the billionaire investor and head of investment firm Tracinda Corporation, announced that he had acquired 100 million shares of Ford Motor Co.with intentions to purchase an additional 20 million shares on May 5. Kerkorian began acquiring his stake on April 2 for an average price of US$6.91 per share, and is planning to offer US$8.50 a share for the remaining 20 million. Stocks rose 9.5% following the offer, to close at US$8.21 on April 28, after closing at US$7.50 on the previous Friday.

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