Message #3 From:
NewsBot Date: December 4, 2006 06:08:00 AM
MGM News Tracinda Commences Tender Offer for Common Shares of MGM MIRAGE
LOS ANGELES--(BUSINESS WIRE)--Tracinda Corporation today announced that it has commenced its
previously announced cash tender offer at $55.00 per share for up to
15,000,000 shares of common stock, par value $.01 per share, of MGM
MIRAGE (NYSE: MGM).
The offer price represents an approximately 12.2% premium over MGM MIRAGE’s
closing stock price of $49.00 on November 21, 2006 (the last trading day
before the announcement of the intention to make the offer). The tender
offer is subject to a number of conditions customary for transactions of
this type, but will not be subject to any financing contingency.
If the full amount of shares is purchased in the offer, Tracinda
Corporation, of which Mr. Kirk Kerkorian is the sole shareholder, would
beneficially own 173,392,864 shares of MGM MIRAGE common stock, or
approximately 61.1% of the outstanding shares.
The offer is scheduled to expire at 5:00 p.m. ET on January 4, 2007,
unless extended.
Questions regarding the offer or requests for offer materials should be
directed to the information agent, D. F. King & Co., Inc., at
212-269-5550 for banks and brokerage firms or 800-901-0068 for all
others. Offering materials are being filed today with the Securities and
Exchange Commission (SEC) and will be available on the SEC website at http://www.sec.gov
and D. F. King’s website at http://www.dfking.com/mgm.
MGM MIRAGE’s stockholders are urged to read
the offering materials, which contain important information.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO PURCHASE OR A
SOLICITATION OF AN OFFER TO SELL, WHICH MAY BE MADE ONLY PURSUANT TO THE
TERMS OF THE OFFER TO PURCHASE AND RELATED LETTER OF TRANSMITTAL BEING
FILED TODAY WITH THE SECURITIES AND EXCHANGE COMMISSION. THE OFFER IS
NOT BEING MADE TO, NOR WILL TENDERS BE ACCEPTED FROM OR ON BEHALF OF,
HOLDERS OF MGM MIRAGE SHARES IN ANY JURISDICTION IN WHICH THE MAKING OF
THE OFFER OR THE ACCEPTANCE THEREOF WOULD NOT COMPLY WITH THE LAWS OF
THAT JURISDICTION.
