LAS VEGAS-Dubai World on Tuesday extended its tender offer for up to 14.2 million shares of MGM Mirage at $84 per share to Oct. 5 from Sept. 24. To date, only about 730,000 shares have been tendered in response to the offering. The announcement, combined with an analyst’s suggestion that the offer price may increase in the coming weeks, pushed MGM’s share price to a new 52-week high.

Shares of MGM Mirage traded as high as $89 per share Tuesday on average volume before closing the day at around $86.72, up $1.36 on the day. The previous 52-week high was $88.69. Published reports are attributing a portion of the increase to a client note published by a J.P. Morgan Securities Inc. analyst Harry Curtis suggesting that Dubai World may raise its tender offer in order to accelerate its share accumulation.

Dubai World announced in mid-August that it would make the tender offer as part of a $5-billion investment agreement that also included Dubai World acquiring 14.2 million shares of newly issued stock and making a $2.7-billion investment in MGM’s CityCenter project on the Las Vegas Strip, making it a 50% partner in the $5.4-billion development. If it acquires all the shares it has agreed to attempt to acquire, Dubai World would have an approximate 9.5% share of MGM Mirage.

MGM Mirage owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. In addition, the company has major new developments under construction in Nevada, Michigan and Macau S.A.R.

Dubai World is a major investment holding company with a portfolio of businesses that includes DP World, Jafza, Nakheel, Dubai Drydocks, Maritime City, Istithmar, Kerzner, One & Only, Atlantis, Barney’s, Island Global Yachting, Limitless, Inchcape Shipping Services, Tejari, Technopark and Tamweel.

Its real estate projects include Nakheel’s Palm and World developments as well as real estate investments in the US, the UK and South Africa. The conglomerate has developed 80,000 luxury residential villas and apartments and approximately three million sf of retail space.

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