Tracinda Buys More MGM Shares
Associated Press 01.11.07, 5:16 PM ET
Billionaire investor Kirk Kerkorian’s Tracinda Corp. said Thursday it
bought 444,466 shares of MGM Mirage tendered in its most recently
completed tender offer. The purchase boosted Tracinda’s beneficial
ownership in MGM from about 55.8 percent, or 158.4 million shares, to
about 55.9 percent, or 158.8 million shares.
MGM Mirage, the world’s second-largest casino company after Harrah’s
Entertainment Inc., owns the MGM Grand, Bellagio and other casinos in
Las Vegas, and gambling properties in other parts of Nevada and in
Atlantic City, N.J. MGM’s shares rose $4.94, or 7.8 percent, to end
at $68.55 on the New York Stock Exchange. Earlier in the session, they
set a new year high of $69.63, topping a previous year high of $64.37.
AP
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