Less than two weeks ago, Magna International made a bid for Chrysler. At the time, Chrysler was not officially for sale however everyone knew what was coming.
The day after a DaimlerChrysler shareholder meeting in Berlin, billionaire investor Kirk Kerkorian made it known that he intends to bid $4.5 billion for the Chrysler Group which includes a lofty $100 million in cash upfront to reserve the exclusive right to negotiate the company's purchase.
Mr. Kerkorian was a previous 13 % shareholder of the Chrysler Corp. This was before its 1998 acquisition by Daimler-Benz AG. Following the transfer, Mr Kerkorian litigated with the newly formed conglomerate but ultimately lost; hence why his bid was a surprising move.
Two other offers have made so far on Chrysler: from private equity firms Blackstone Group and Cerberus Capital Management.
The day after a DaimlerChrysler shareholder meeting in Berlin, billionaire investor Kirk Kerkorian made it known that he intends to bid $4.5 billion for the Chrysler Group which includes a lofty $100 million in cash upfront to reserve the exclusive right to negotiate the company's purchase.
Mr. Kerkorian was a previous 13 % shareholder of the Chrysler Corp. This was before its 1998 acquisition by Daimler-Benz AG. Following the transfer, Mr Kerkorian litigated with the newly formed conglomerate but ultimately lost; hence why his bid was a surprising move.
Two other offers have made so far on Chrysler: from private equity firms Blackstone Group and Cerberus Capital Management.