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Tracinda Corp. Starts Tender Offer for MGM Mirage

LAS VEGAS-The investment arm of billionaire Kirk Kerkorian on Monday launches its bid to acquire up to 15 million additional shares of the publicly held casino operator.

By Brian K. Miller | Updated on December 04, 2006

LAS VEGAS-Tracinda Corp. on Monday launched its tender offer at $55 per share for up to 15 million shares of common stock of MGM Mirage. If successful, the investment arm of billionaire Kirk Kerkorian will spend $825 million to increase its stake in the publicly held casino company from 55.9% to 61.1% (173.39 million shares).

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.

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