Tracinda plans tender offer for 20 million Ford Motor shares at $8.50 apiece

Billionaire Kirk Kerkorian's company says it plans to make a cash offer of $8.50 per share for up to 20 million shares of Ford Motor Co.

The offer price represents a 13.3 percent premium over Ford's closing price on Friday.

Kerkorian's Tracinda Corp. now owns 100 million Ford shares, or 4.7 percent of the outstanding stock. When the offer is completed, …