Kerkorian Buys Bigger Stake in Delta Petroleum
By CEN Staff
Tracinda Corp. reported in a regulatory filing on Wednesday that it has purchased 391,368 shares of Denver-based Delta Petroleum Corp. in the past two days.
Tracinda is owned by financier Kirk Kerkorian and is Delta’s largest shareholder. The purchases boost the company’s holdings by just under 1 percent, to 39,999,368, or roughly 38 percent of Delta’s outstanding shares.
On Nov. 6, Tracinda announced that it wouldn’t go forward with a previously announced $11-per-share tender offer for 14 million Delta shares, citing a steep decline in Delta’s share price and uncertain financial markets. At the time, Delta’s stock price had dropped 27 percent from the $9.11 closing price on the day before Tracinda announced its bid.
But Tracinda said later in the month that it continued to believe strongly in Delta’s fundamental business model.
Tracinda bought 281,368 Delta shares on Dec. 23 at $3.99 per share, and 110,000 shares on Dec. 24 at $4.04 per share.
Filed Under: Corporate News
Tags: Colorado oil and gas • Delta Petroleum • Tracinda Corporation
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