Posted at 10:54 a.m., Wednesday, November 7, 2007
Kerkorian's Tracinda begins Tesoro share tender offer
Advertiser Staff and News Services
Kirk Kerkorian's Tracinda Corp. began a $1.4 billion tender offer to increase its stake in refiner Tesoro Corp. to 20 percent from 4 percent, Bloomberg News reported. Tesoro is the operator of oil refineries, including Hawai'i's largest.The offer, for 21.9 million shares of San Antonio-based Tesoro at $64 each, will expire on Dec. 6 if it's not extended, Tracinda said today in a filing with the U.S. Securities and Exchange Commission. Bloomberg said The price is 12 percent higher than Tesoro's last close before Tracinda announced plans for the offer on Oct. 26.
Kerkorian ``ought to be successful,'' Roger Read, an analyst at Natixis Bleichroeder Inc. in Houston, who has a $62 price target for Tesoro shares. , told Bloomberg. ``If the price target is $62 and someone offers $64, I'd say take it. If I had some, I would.''
