Deals and IPOs

Tesoro Shares Jump on Tracinda Tender Bid

Reuters
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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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