Tracinda Caps General Motors Stock Price Offer at No More Than $31 Per Share

LOS ANGELES June 1, 2005; The AP reported that investment firm Tracinda Corp. said Wednesday that it will not pay more than $31 per share for General Motors Corp. common stock. The tender offer to buy up to 28 million shares of General Motors stock was made May 9 and will expire June 7 unless extended.

The buy would give Tracinda, which is headed by billionaire Kirk Kerkorian, a total of 50 million shares of General Motors, or 8.84 percent of outstanding shares.