Tracinda Announces It Will Not Proceed With Tender Offer For Delta Petroleum (DPTR) Shares
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Tracinda Corporation announced that it has determined not to proceed with its previously announced tender offer for 14 million shares of Delta Petroleum Corporation (NASDAQ: DPTR) common stock. Tracinda cited the steep decline in the price of the Delta shares and the continued uncertainty in the capital and stock markets as factors contributing to its decision. Since Tracinda announced its intent to make a tender offer on October 31, 2008, Delta's shares have declined from $9.11 (the closing price on the date before Tracinda's announcement) to $6.66, or approximately 26.9%. Tracinda remains Delta's largest shareholder with an approximate 35% stake and continues to believe strongly in Delta's fundamental business model, its management team and its overall position in the industry.
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