MGM Mirage says a special committee of its independent directors adopted a neutral position on a recent unsolicited share tender offer from Tracinda, the investment vehicle controlled by Kirk Kerkorian.
In a filing with the Securities and Exchange Commission, MGM said its special committee determined not to make any recommendation to stockholders as to whether they should tender
shares in the offer, saying that would be a personal investment decision for shareholders.
If Tracinda's offer to buy 15 million shares for $55 each were completed, its ownership of MGM Mirage would increase to 61.3% from 56.0%, MGM said. Tracinda announced its tender offer on Nov. 22, and launched it on Dec. 4.