Tender for Ford Stock
Posted: Tue Jun 10, 2008 12:15 am
Kerkorian's offer to buy 20 mil shares of Ford at $8.50 was oversubscribed by 50 times. Over 1 bil shares were tendered. Not surprising since Ford has been trading at about $6.25 in recent days. It was about $8 when the offer was first made. So for every 100 shares you tendered you would have got to sell 2 shares. For me that would have been a sale of 30 shares. I thought that would happen so I didn't even bother. I am hoping that Kerkorian's long term hopes for Ford are correct.