Tracinda
Encyclopedia
Tracinda Corporation is a private investment corporation owned by Kirk Kerkorian
. Major investments include a minority interest of MGM Resorts International (See below for discussion of ownership change). Tracinda is headquartered on Rodeo Drive
in Beverly Hills. The company is named after Kerkorian's daughters, Tracy and Linda.
Tracinda formerly owned ten percent of General Motors; it sold all of its stock in November 2006.
Tracinda offered $4.5 billion to buy Chrysler
on April 5, 2007, causing the shares of DaimlerChrysler
to soar 5.3%. Ultimately, the bid failed and Chrysler was sold to Cerberus Capital Management
.
Kerkorian also bid, unsuccessfully, in 1995 to take over Chrysler.
On May 16, 2008, Tracinda contacted Ford shareholders in a bid to buy 20,000,000 shares by June 4, 2008, at a rate of $8.50 a share. Later on, the bid was processed, and the company bought the shares through Ahmed Adnan, an investor.
On Oct 20, 2008, Tracinda sold more than 7 million shares of Ford at an average price of roughly $2.44 a share.
On Dec 29, 2008, Tracinda sold his remaining shares in Ford Motor Company
.
In May 2009, following the completion of a $1 billion dollar stock offering by MGM Mirage, Kerkorian and Tracinda lost their majority ownership of the gaming company, dropping from 53.8 percent to 39 percent and, even after pledging to purchase 10 percent of the new stock offering, they became minority owners.
Kirk Kerkorian
Kerkor "Kirk" Kerkorian is an American businessman who is the president/CEO of Tracinda Corporation, his private holding company based in Beverly Hills, California. Kerkorian is known as one of the important figures in shaping Las Vegas and, with architect Martin Stern, Jr...
. Major investments include a minority interest of MGM Resorts International (See below for discussion of ownership change). Tracinda is headquartered on Rodeo Drive
Rodeo Drive
Rodeo Drive of Beverly Hills, California is a shopping district known for designer label and haute couture fashion. The name generally refers to a three-block long stretch of boutiques and shops but the street stretches further north and south....
in Beverly Hills. The company is named after Kerkorian's daughters, Tracy and Linda.
Tracinda formerly owned ten percent of General Motors; it sold all of its stock in November 2006.
Tracinda offered $4.5 billion to buy Chrysler
Chrysler
Chrysler Group LLC is a multinational automaker headquartered in Auburn Hills, Michigan, USA. Chrysler was first organized as the Chrysler Corporation in 1925....
on April 5, 2007, causing the shares of DaimlerChrysler
DaimlerChrysler
Daimler AG is a German car corporation. By unit sales, it is the thirteenth-largest car manufacturer and second-largest truck manufacturer in the world. In addition to automobiles, Daimler manufactures buses and provides financial services through its Daimler Financial Services arm...
to soar 5.3%. Ultimately, the bid failed and Chrysler was sold to Cerberus Capital Management
Cerberus Capital Management
Cerberus Capital Management, L.P. is one of the largest private equity investment firms in the United States. The firm is based in New York City, and run by -year-old financier Steve Feinberg. Former U.S...
.
Kerkorian also bid, unsuccessfully, in 1995 to take over Chrysler.
On May 16, 2008, Tracinda contacted Ford shareholders in a bid to buy 20,000,000 shares by June 4, 2008, at a rate of $8.50 a share. Later on, the bid was processed, and the company bought the shares through Ahmed Adnan, an investor.
On Oct 20, 2008, Tracinda sold more than 7 million shares of Ford at an average price of roughly $2.44 a share.
On Dec 29, 2008, Tracinda sold his remaining shares in Ford Motor Company
Ford Motor Company
Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...
.
In May 2009, following the completion of a $1 billion dollar stock offering by MGM Mirage, Kerkorian and Tracinda lost their majority ownership of the gaming company, dropping from 53.8 percent to 39 percent and, even after pledging to purchase 10 percent of the new stock offering, they became minority owners.