Make sure you have a "flat image" of your footage. This means filming with a lower saturation and contrast setting.
Put on your footage:
- Hue Shift and increase the saturation in the filter
- Color correction wheels:
Upper wheel in blue-ish(don't put it too far down)
Middle wheel in orange(again not too far)and increase the saturation on the middle wheel a bit
Lower wheel neutral.
- Crush blacks&whites: about 0.05 - 0.10 should be enough.
This worked for my footage but ofcourse every footage looks different so you have to play with it a little bit.
For the kind of look he's going for you don't need to get into multi-layer grading, budwzr. Should work fine using the grading tools.
However, it's worth mentioning that set and costume design plays a big part in the look of Michael Bay's films. If you look at Transformers, the entire colour palette is directed towards that blue/orange look. They enhance it loads in post, of course, but frame composition is also very important.