SEARCH NEWS:

 

Tracinda commences offer for MGM Mirage

LOS ANGELES, California -- (PRESS RELEASE)--Tracinda Corporation today announced that it has commenced its previously announced cash tender offer at $55.00 per share for up to 15,000,000 shares of common stock, par value $.01 per share, of MGM Mirage.

The offer price represents an approximately 12.2% premium over MGM Mirage's closing stock price of $49.00 on November 21, 2006 (the last trading day before the announcement of the intention to make the offer). The tender offer is subject to a number of conditions customary for transactions of this type, but will not be subject to any financing contingency.

If the full amount of shares is purchased in the offer, Tracinda Corporation, of which Mr. Kirk Kerkorian is the sole shareholder, would beneficially own 173,392,864 shares of MGM Mirage common stock, or approximately 61.1% of the outstanding shares.

The offer is scheduled to expire at 5:00 p.m. ET on January 4, 2007, unless extended.

< Gaming News