Tesoro to review Kerkorian offer
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From Times Wire Services
Tesoro Corp. said its board would review an unsolicited $1.4-billion offer by billionaire investor Kirk Kerkorian to buy an additional 16% stake in the oil refiner.
The Tesoro board will review the offer over the next 10 days, the company said.
Kerkorian’s Tracinda Corp., which already owns 4% of the company, offered Friday to buy an additional 21.9 million shares for $64 a piece, 12% more the stock’s closing price Thursday.
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