Kerkorian offers $50 for 14 million Chrysler shares

In an apparent bid to better position himself for another Chrysler Corp. takeover attempt, Kirk Kerkorian and his Tracinda Corp. announce plans to offer $50 cash per share for up to 14 million shares of the corporation's common stock, "to anyone that wants to sell their stock," says a Tracinda spokesman. At press time the stock is valued at $47.63. Chrysler spokesperson Rita McKay says the company will review the offer in the 10 days it has to respond "and communicate with our shareholders as appropriate." Under Michigan law, no one entity is allowed to own more than 10% of an insurance company. Since Chrysler has two small insurance subsidiaries, it falls under that law. Tracinda is taking its case to the Michigan Insurance Commission and Federal Court in Michigan. Chrysler's by-laws limit share ownership to 15%.