Business news for Tue, 27 Nov 2007 & with words kerkorian+oil. 4 news.

Tracinda, Kerkorian's investment firm, withdrew its offer for a minority stake in Tesoro, citing the oil refiner's plan for a "poison pill."

NEW YORK (MarketWatch) -- Billionaire Kirk Kerkorian's Tracinda Corp. said Tuesday it's withdrawing a $1.4 billion cash tender offer for additional shares in Tesoro Corp. after the oil refiner recently adopted a poison-pill anti-takeover defense.

Tracinda, the investment company of the billionaire Kirk Kerkorian, withdrew its $1.4 billion tender offer for 16 percent of Tesoro, citing a stockholder-rights plan adopted by the oil refiner. The rights plan “inhibits value for all Tesoro shareholders by, among other things, restricting the ability of shareholders to vote, sell or acquire Tesoro shares freely [...]

NEW YORK (MarketWatch) -- Tracinda Corp. said Tuesday it's withdrawing its cash tender offer of $64 a share for up to 21.875 million shares, or 16%, of Tesoro Corp. , after the oil refiner initiated a poison pill provision in its bylaws last week. "The rights plan recently adopted by the Tesoro Board of Directors inhibits value for all Tesoro shareholders by, among other things, restricting the ability of shareholders to vote, sell or acquire Tesoro shares freely without fear of triggering the draconian provisions of the rights plan," said Tracinda, the holding company for billionaire Kirk Kerkorian. The poison pill would have been triggered if any shareholder acquired more than 20% of Tesoro. It would not have applied, however, if Tracinda had followed through with its tender offer, which would have raised its total stake in the Houston firm to nearly 20%.