|This article needs additional citations for verification. (September 2011)|
Tracinda Corporation was a private investment corporation owned by the late Kirk Kerkorian. Major investments included 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 was named after Kerkorian's daughters, Tracy and Linda.
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 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.
The company ceased to exist when its owner died in summer 2015.
|This United States corporation or company article is a stub. You can help Wikipedia by expanding it.|