Kerkorian's Tracinda May Buy More MGM (MGM)
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Kirk Kerkorian's Tracinda Corporation amended its 13D on MGM Resorts International (NYSE: MGM) saying it may purchase addition shares up to 25% of the company. Tracinda's current ownership level of 18.6%.
"On March 13, 2013, Tracinda filed with the Federal Trade Commission a Notification pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules promulgated thereunder (collectively, “the HSR Act”) in connection with its potential purchases of additional shares of Common Stock either in the open market or directly from third parties. Tracinda is precluded from acquiring additional shares of Common Stock until the required waiting period under the HSR Act has expired or been terminated. In addition, Tracinda complies with the Company’s Securities Trading Policy and, therefore, may generally purchase Common Stock only during “trading windows” established by the Company. The next trading window is expected to open on the third trading day following issuance of the Company’s earnings release for the quarter ended March 31, 2013. Tracinda expects to use working capital to fund any purchases. Under the HSR Act, following expiration or termination of the applicable waiting period, Tracinda would be permitted to increase its ownership level up to 25% (the next reporting threshold above Tracinda’s current ownership level of 18.6%) of the outstanding shares of Common Stock. However, no decision has been made as to the number of shares which may be acquired. That determination will depend upon various factors, including market conditions at the time Tracinda is permitted to purchase Common Stock."
"On March 13, 2013, Tracinda filed with the Federal Trade Commission a Notification pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules promulgated thereunder (collectively, “the HSR Act”) in connection with its potential purchases of additional shares of Common Stock either in the open market or directly from third parties. Tracinda is precluded from acquiring additional shares of Common Stock until the required waiting period under the HSR Act has expired or been terminated. In addition, Tracinda complies with the Company’s Securities Trading Policy and, therefore, may generally purchase Common Stock only during “trading windows” established by the Company. The next trading window is expected to open on the third trading day following issuance of the Company’s earnings release for the quarter ended March 31, 2013. Tracinda expects to use working capital to fund any purchases. Under the HSR Act, following expiration or termination of the applicable waiting period, Tracinda would be permitted to increase its ownership level up to 25% (the next reporting threshold above Tracinda’s current ownership level of 18.6%) of the outstanding shares of Common Stock. However, no decision has been made as to the number of shares which may be acquired. That determination will depend upon various factors, including market conditions at the time Tracinda is permitted to purchase Common Stock."
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