Kirk Kerkorian: 5.5% Of Ford Or Another Shutout?

Illustration for article titled Kirk Kerkorian: 5.5% Of Ford Or Another Shutout?

Some of you may remember that way back on May 9, Kirk Kerkorian, America's favorite nonagenarian billionaire, made a cash purchase offer for 20 million Ford shares at $8.50 apiece. Well, that offer expires today at 5 pm. If Ford accepts the offer, Kerkorian's Tracinda Corp would pay a premium to attain a 5.5% stake in the Blue Oval. If Ford declines the offer, they leave a whole bunch of cash on the table, but they get to send Kerkorian home with an 0-3 record in Motown.

Given that Ford stock closed at $6.04 in Friday trading, one would think that Mulally and Co. would be advised to take the money; so far, no one in Dearborn is commenting, and Ford's board claims to be neutral on the matter. There's also no word on whether the 5.5% stake in Ford would be enough to allow Kerkorian to finally leap, or whether Ziggy says he actually has to gain a controlling interest in one of the Big Three to complete his mission.

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Rob Emslie

I have given a name to my pain, and it is Ford.