MGM MIRAGE (MGM) and Dubai World Announces 10M Tender Offer
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MGM MIRAGE (NYSE: MGM) and Dubai World intend to jointly make a cash tender offer for up to 10,000,000 shares of common stock of MGM MIRAGE at a price per share of not less than $75.00 and not greater than $80.00.
The offer price represents an approximately 7.2% to 14.3% premium over MGM MIRAGE\'s closing stock price of $69.98 on January 8, 2008.
Kirk Kerkorian\'s Tracinda Corporation is the beneficial owner of 153,837,330 shares of MGM MIRAGE common stock, approximately 52.4% of the outstanding shares as of January 8, 2008. Tracinda has informed MGM MIRAGE that it will not tender any of its shares.
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