Tracinda's MGM Mirage Offer Ends; 445,000 Shares Tendered
Tracinda, the investment vehicle owned by billionaire Kirk Kerkorian, said its tender offer to buy up to 15 million shares of casino operator MGM Mirage ended with only about 445,000 shares being tendered by MGM Mirage shareholders.
Tracinda said it intends to buy those tendered shares, which would increase its stake in MGM Mirage to about 55.9% from 55.8%.
Tracinda announced its $55 a share tender offer on Nov. 22, when MGM Mirage shares closed at $54.21. The shares have gained 5 percent since that date, closing at $57.10 on Thursday.