Ford board neutral on large tender offer

DEARBORN, Mich., May 23 (UPI) -- The board of Ford Motor Co. said Friday it would remain neutral regarding a billionaire investor's bid to buy 20 million company shares.

The directors said they believed Kirk Kerkorian's tender offer, with which he would end up having accumulated 5.5 percent of Ford stock, was made without intent to exercise control over the board, The Detroit News reported.

"The small percentage of common stock sought …would not be expected to interfere with the corporation's ability to execute its business plan and strategies," the board's statement said.

The board's position did not apply to "actions to further increase … holdings in the corporation" the statement said.

But for now, Dearborn, Mich.-based Ford said, "the corporation urges each stockholder to make its own decision regarding the offer."