Kerkorian to buy nearly 450,000 MGM sharesBillionaire's investment vehicle, Tracinda Corp. will up its majority stake; tender offer for 15 million shares expires.NEW YORK (CNNMoney.com) -- Tracinda Corp., the investment vehicle of the famed billionaire Kirk Kerkorian, said Friday it will purchase nearly 450,000 shares of MGM Mirage after a tender offer to purchase 15 million shares of the casino operator expired. Tracinda said it would purchase 444,573 shares, upping its existing majority stake in MGM (down $0.35 to $56.75, Charts) from 55.8 percent to 55.9 percent.
Kerkorian made an offer for the MGM shares back in November, offering $55 a share, a then 12 percent premium to the stock's price. The MGM offer came just as Kerkorian began shedding his holdings in General Motors (up $0.17 to $29.81, Charts), after becoming its largest individual shareholder, pushing the automaker's management to forge an alliance with Japanese automaker Nissan (down $0.40 to $24.16, Charts) and and French automaker Renault. Kerkorian unloaded all his General Motors stock in December, losing about $8.6 million buying and selling the company's stock, although GM dividends allowed him to walk away with more than $100 million in cash from the investment. |
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