DETROIT (AP) -- Billionaire investor Kirk Kerkorian has started his previously announced $170 million cash offer to buy up to 20 million additional shares of Ford Motor Co.
Kerkorian's investment company Tracinda Corp. said Friday the offer at $8.50 per share runs until June 9, unless it is extended. If the full purchase is made, Tracinda would own 120 million shares of the Dearborn-based automaker's common stock, or about 5.5 percent of outstanding shares.
Ford shares closed Thursday at $8.20, and the offer represents a 3.7 premium over that price. It represents a 13.3 percent premium over Ford's closing price before Kerkorian announced the offer last month.
That announcement touched off speculation on how he might try to influence the automaker.
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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