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When casinos collide...

MGM MIRAGE Offers to Buy Mandalay Resort Group in $7.65 Billion Transaction

LAS VEGAS, June 4 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGG) today announced that it has offered to purchase Mandalay Resort Group (NYSE: MBG) for $68 per share in a cash transaction, the value of which would be approximately $7.65 billion, which includes the assumption of some $2.8 billion in debt.

"The combination of these two great companies would provide Mandalay shareholders with a premium price for their shares as well as providing several strategic benefits to shareholders in MGM MIRAGE," said Terry Lanni, Chairman of the Board and CEO of MGM MIRAGE.

The $68 per share MGM MIRAGE offer would provide Mandalay shareholders with a 12.8% premium over today's closing share price of $60.27.



Mandalay Resort Group Acknowledges MGM Mirage Proposal

LAS VEGAS, June 4 /PRNewswire-FirstCall/-- Mandalay Resort Group (NYSE: MBG) has received and will carefully evaluate the proposal from MGM Mirage and will respond to MGM Mirage in due course. Mandalay does not intend to make any further comment on this matter until it is finally resolved.

Comments

( 1 comment — Leave a comment )
zarchasmpgmr
Jun. 7th, 2004 03:21 pm (UTC)
Let's see...that leaves

Ceasar's Entertainment
Circus Circus Enterprises
Harrahs

And... er, what?

My current economic theory is that one day everything will be owned by Wal-Mart, including all world governments.
( 1 comment — Leave a comment )