Tracinda announced its intention to raise its stake in the company on Nov. 22. The offer is scheduled to expire at 5 p.m. on Jan. 4, unless extended. The offer price represents an approximately 12.2% premium over MGM Mirage's closing stock price of $49.00 on Nov. 21. The company's share price closed trading Monday at $56.13, up $2.46 (4.5%) on the day.

MGM Mirage owns the Bellagio, MGM Grand and Luxor casino resorts on the Las Vegas Strip and is currently developing its CityCenter. At $7 billion, the 66-acre Strip project is the largest privately financed development in the US.

In early November, the company reported that third-quarter profit climbed 68%. MGM's net income rose to $156.3 million, or $0.54 per share, in the third quarter of 2006 from $93.2 million, or $0.31 per share, in the third quarter of 2005. Third quarter revenue increased 5% from one year ago to $1.9 billion. Analysts' average expectation was $0.41 per share on revenue of $1.83 billion.