Kerkorian's firm launches promised tender offer for G-M shares

LOS ANGELES (AP) _ Billionaire Kirk Kerkorian's Tracinda Corporation holding company says it has launched its offer of nearly $870 million worth of General Motors stock. <br/><br/>The offer for about

Monday, May 9th 2005, 9:42 am

By: News On 6

LOS ANGELES (AP) _ Billionaire Kirk Kerkorian's Tracinda Corporation holding company says it has launched its offer of nearly $870 million worth of General Motors stock.

The offer for about five percent of GM shares is scheduled to expire on June seventh.

Kerkorian's announcement last week that he planned to more than double his GM holdings sent the stock soaring more than 18 percent.

The stock tumbled the following day on word that the S&P downgraded GM's credit rating to ``junk'' status.

Beverly Hills, California-based Tracinda is the majority owner of casino and hotel operator MGM Mirage. It was the largest shareholder in Chrysler when the automaker merged with DaimlerBenz in 1998.