(Read more on the debt and equitymarkets.)
LAS VEGAS-MGM Mirage and Dubai World said Wednesday they willmake a joint Dutch tender offer for up to 10,000,000 shares ofcommon stock of MGM Mirage. The offer price, which could range from$75 to $80 per share, is between 7.2% and 14.3% higher thanTuesday's closing stock price of $69.98. Share rose 5.44% onWednesday to close at $73.79 on above-average volume.
The acquisition goal represents 3.4% of total shares and 8.3% offree float, which is the number of unrestricted shares not held bylarge owners like Kirk Kerkorian (Tracinda Corp.), who controls52.4% (153.8 million) of MGM's outstanding shares. Kerkorianin December sold Dubai World five million shares of MGMstock via his charity, the Lincy Foundation, but has said he willnot tender any shares as part of this upcoming offering.
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