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Kerkorian starts offer to boost Ford stake by 20M shares

Billionaire investor Kirk Kerkorian launched his previously announced $170 million cash offer to buy up to 20 million additional shares of Ford Motor Co. on Friday, calling it “an attractive investment.”

Kerkorian’s investment company Tracinda Corp. said the offer at $8.50 per share runs until June 9, unless it is extended.

Tracinda said it was making the offer “because it believes Ford is an attractive investment. It does not have a present intent to acquire or influence control over the business of Ford.”

If the full purchase is made, Tracinda would own 120 million shares of the Dearborn, Mich.-based automaker’s common stock, or about 5.5 percent of outstanding shares.

read the rest published by CNBC here:

http://www.cnbc.com/id/24349642/for/cnbc/