LAS VEGAS-Dubai World subsidiary Infinity World Investments said Monday its tender offer for up to 14.2 million shares of MGM Mirage common stock netted it just 348,903 shares. The $84 per-share offer was made in August, when MGM’s share price was in the mid $70s per share. Since mid-September, the company’s has been trading above the offer price. In early afternoon trading Monday, MGM shares were trading at $95.19.

The tender offer was part of a larger transaction between Dubai World and MGM Mirage that also included Dubai World acquiring a 50% stake in MGM Mirage’s $5.4-billion CityCenter development on the Las Vegas Strip and acquiring 14.5 million shares of MGM Mirage common stock directly from MGM. Had the tender offer been successful, the result would have been a 9.5% stake in the company in addition to the CityCenter investment.

Although Infinity World isn’t commenting on whether it will do so, the tender offer states that Infinity World may purchase additional shares on the open market or through private negotiations.

The direct purchase from MGM Mirage as well as those shares tendered will give Dubai World a 4.9% share of MGM Mirage common stock. Billionaire investor Kirk Kerkorian continues to control MGM Mirage through Tracinda, Corp, which owns a 56% stake.

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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