Deals and IPOs

Tesoro Shares Jump on Tracinda Tender Bid


Kirk Kerkorian's Tracinda said Friday it will tender for up to 16 percent, or 21.8 million shares, of oil refiner Tesoro at $64 per share.

The offer price represents an 11.9 percent premium over Tesoro's closing stock price of $57.20 on Thursday, said Tracinda, the investment company of billionaire financier Kerkorian.

Tesoro shares gained $8.60, at $65.80 on the New York Stock Exchange.

Tracinda currently owns 5.5 million shares of Tesoro common stock, or about 4 percent of the outstanding shares, the company said. Tracinda's average cost for those shares was about $52.23 per share.

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