dubai-world-increases-stake-in-mgm-mirage

Dubai World increases stake in MGM Mirage

Dubai World and MGM Mirage team up to spend as much as $800 million on a share buyback in MGM Mirage.

By Sameera Anand

January 10, 2008

MGM Mirage and Dubai World have offered minority shareholders of MGM Mirage a price between $75-$80 per share to buy back up to 10 million shares, in the latest instance of a Gulf-based investor seeking a high-growth opportunity in a foreign market.

The offer price represents a 7%-14% premium to the $69.98 closing price of MGM Mirage on January 8. Price discovery will be through a Dutch auction within the specified $75-$80 price range. This means shareholders will be able to stipulate the price at which they will tender shares the price finally offered to all shareholders will be the lowest per share price at which the entire 10 million shares are covered.

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