Billionaire Kirk Kerkorian’s investment company on Wednesday offered to buy a large minority stake in General Motors Corp. at a premium to the automaker’s depressed stock price.
Tracinda Corp. said it would spend up to $868 million to buy as many as 28 million GM shares. The $31-a-share offer price, including the regular quarterly dividend of 50 cents per share, represents about a 13.4 percent premium over GM shares’ closing price Tuesday of $27.77, Tracinda, which is owned by Kerkorian, said in a statement.
