- Jan 7, 2002
- 12,755
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Billionaire investor Kirk Kerkorian, who once spearheaded a failed bid to take over Chrysler Corp., rattled the auto industry again Wednesday by disclosing he was poised to take an 8.8 percent stake in ailing General Motors Corp.
While Kerkorian said the intentions of his investment arm -- Tracinda Corp. -- were made as a passive investment, he is known as an aggressive investor who pressures management to make major changes to unleash shareholder value.
Tracinda, which has quietly amassed 22 million shares of GM, made a tender offer for up to 28 million additional shares at $31 each, or $870 million. The purchase would make Tracinda GM's third largest shareholder.
GM's depressed shares rallied Wednesday to close at $32.80, up $5.03, or nearly $2 above Kerkorian's offer, as investors speculated a higher bid may emerge. It was the largest gain for GM shares in more than 40 years.
http://www.detnews.com/2005/autosinsider/0505/05/A01-172472.htm
While Kerkorian said the intentions of his investment arm -- Tracinda Corp. -- were made as a passive investment, he is known as an aggressive investor who pressures management to make major changes to unleash shareholder value.
Tracinda, which has quietly amassed 22 million shares of GM, made a tender offer for up to 28 million additional shares at $31 each, or $870 million. The purchase would make Tracinda GM's third largest shareholder.
GM's depressed shares rallied Wednesday to close at $32.80, up $5.03, or nearly $2 above Kerkorian's offer, as investors speculated a higher bid may emerge. It was the largest gain for GM shares in more than 40 years.
http://www.detnews.com/2005/autosinsider/0505/05/A01-172472.htm
Shoulda done it, I guess.
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