DaimlerChrysler began its tender offer yesterday for a planned $583 million purchase of engine maker Detroit Diesel.
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The $23-a-share offer expires Aug. 25, unless extended.
On July 20, the automaker said it would buy the 18.1 million shares of Detroit Diesel that it did not already own. DDC Holdings, a unit of the closely held Penske Corp. that owns 48.6 percent of Detroit Diesel's outstanding shares, agreed to tender all of them.
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The $23-a-share offer expires Aug. 25, unless extended.
On July 20, the automaker said it would buy the 18.1 million shares of Detroit Diesel that it did not already own. DDC Holdings, a unit of the closely held Penske Corp. that owns 48.6 percent of Detroit Diesel's outstanding shares, agreed to tender all of them.
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