DETROIT -- Billionaire investor Kirk Kerkorian's Tracinda Corp. said on Wednesday it will not increase its tender offer price for General Motors shares above $31 per share.
Tracinda has offered to buy up to 28 million shares of GM shares. Tracinda currently owns 22 million shares, or 3.89 percent of GM's outstanding shares. If it purchases the full additional 28 million shares, it will have an 8.84 percent stake in the world's largest automaker.
Tracinda commenced its cash tender offer on May 9 and the offer is expire on June 7 unless extended, the investment company said.