MGM Mirages to enter cash tender offer with Dubai World for 10 million shares
09/01/2008
Wednesday, MGM Mirage (NYSE:MGM) stated that it would mutually make a cash offer with Dubai. A share of 10 million with Dubai World.
Shares will be sold at a price between $75 a share and $80, which represents a premium in the range of 7.2% up to 14.3% over MGS's Tuesday closing price of $69.98.
Tracinda Corp., which owns 52.4% of MGM's outstanding shares, has said it won't tender any of its shares.
Las Vegas-based gaming company MGM had 293.8 million outstanding shares as of Jan. 8. Tracinda owns 153.8 million shares, while Dubai currently owns 19.5 million shares, of 6.7% of the total outstanding shares.
Shares will be sold at a price between $75 a share and $80, which represents a premium in the range of 7.2% up to 14.3% over MGS's Tuesday closing price of $69.98.
Tracinda Corp., which owns 52.4% of MGM's outstanding shares, has said it won't tender any of its shares.
Las Vegas-based gaming company MGM had 293.8 million outstanding shares as of Jan. 8. Tracinda owns 153.8 million shares, while Dubai currently owns 19.5 million shares, of 6.7% of the total outstanding shares.
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