The offer price represents a 13.3 percent premium over Ford's closing price of $7.50 on Friday, April 25, and the news sent Ford shares up 8 percent in premarket trading.
On completion of the offer, Tracinda would own 120 million shares of Ford common stock, or about 5.6 percent of the total outstanding.
Tracinda said it has been following Ford closely and has noted that the automaker is starting to achieve traction in its turnaround efforts.

Last week Ford surprised Wall Street by posting a quarterly profit, led by strong results in Europe and a sharply narrower loss in North America. ...