Ford: Wait on Kerkorian

DETROIT — Ford Motor Co.'s board on Friday, May 9, asked shareholders to take no action in response to a tender offer issued by billionaire investor Kirk Kerkorian's Tracinda Corp. to buy up to 20 million shares of common stock for $8.50 each. Ford stock closed the day at $8.10, down 10 cents.

Ford's board said it will advise stockholders of its position by May 22. In a statement earlier Friday, Tracinda said it may propose business strategies for Ford, depending on its evaluation of the automaker's business and other factors, and could acquire more shares after the tender offer.

You can reach Philip Nussel at pnussel@crain.com

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