Results of potential buy still unknown
DETROIT (AP) — Kirk Kerkorian’s offer to purchase up to 28 million shares of General Motors Corp. stock expired Tuesday without word from Kerkorian about whether he was successful.
A spokeswoman for Kerkorian’s investment company, Tracinda Corp., said the results would be announced today.
Kerkorian said last month he was offering about $870 million, or $31 per share. If all 28 million shares were purchased, Kerkorian would own 8.84% of GM’s shares, or a total of 50 million.
Kerkorian has told GM officials that the offer is for investment purposes only and he doesn’t intend to acquire or influence control over the struggling company.
At an annual meeting for GM shareholders Tuesday, GM chairman and CEO Rick Wagonerdeclined to discuss specifics of Kerkorian’s tender offer but said the board has thoroughly discussed it.
GM shares were up 31¢ to close at $30.73 Tuesday on the New York Stock Exchange.