Tesoro (TSO) Plummets After Kerkorian Pulls Out
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Tesoro Corp (NYSE: TSO) is currently trading down 7% or 3.62 points to $48 after the below news that broke this morning.
Tracinda Corp said on Tuesday that it was withdrawing its cash tender offer of $64 per share for a 16% stake in Tesoro Corp, following a poison pill initiated by the oil refiner. The bid placed by Tracinda, the investment arm of billionaire Kirk Kerkorian, on November 7 for up to 21.9 million shares of Tesoro was scheduled to expire on December 6.
Tracinda Corp said on Tuesday that it was withdrawing its cash tender offer of $64 per share for a 16% stake in Tesoro Corp, following a poison pill initiated by the oil refiner. The bid placed by Tracinda, the investment arm of billionaire Kirk Kerkorian, on November 7 for up to 21.9 million shares of Tesoro was scheduled to expire on December 6.
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