I started buying this option call on Ford last week. This morning the news annouced- Billionaire investor Kirk Kerkorian has taken aim at the No. 2 U.S. automaker, acquiring what could become a 5.6 percent stake in Ford Motor Co (F) through his investment vehicle Tracinda Corp.

Kerkorian, who previously held a nearly 10 percent stake in General Motors Corp (GM) and made a failed bid for Chrysler LLC last year, began amassing Ford shares April 2.

Tracinda holds 100 million Ford shares and announced on Monday that it planned a cash tender offer to acquire 20 million more shares, or about 1 percent of the stock, at $8.50 per share, or a 13.3 percent premium over Friday’s close.

Ford shares and bonds shot higher after the announcement.