MGM MIRAGE and Dubai World Increase Their Tender Offer to 15,000,000 Shares of MGM MIRAGE Common Stock and Set a Fixed Price of
16 Janeiro 2008 - 11:42AM
PR Newswire (US)
LAS VEGAS, Jan. 16 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
and Dubai World today jointly announced that they will increase
their offer to purchase shares of MGM MIRAGE common stock from
10,000,000 to 15,000,000, and set the tender price at $80.00 per
share from the previously announced price range of $75.00 to $80.00
per share. The offer price represents approximately a 20.4% premium
over MGM MIRAGE's closing stock price of $66.47 on January 15,
2008. With respect to the shares of MGM MIRAGE common stock that
are tendered and accepted for purchase pursuant to the offer, MGM
MIRAGE will purchase up to 8,500,000 of said shares and Dubai World
will purchase up to 6,500,000 of said shares. Tracinda Corporation
is the beneficial owner of 153,837,330 shares of MGM MIRAGE common
stock and has informed MGM MIRAGE that it will not tender any of
its shares. Dubai World, through its affiliates Infinity World
(Cayman) L.P. and Infinity World Investments LLC, is the beneficial
owner of 19,548,838 shares of MGM MIRAGE common stock. It is
anticipated that the bidder on behalf of Dubai World will be
Infinity World (Cayman) L.P. ("Infinity World"). Under the
procedures for the Tender Offer, MGM MIRAGE's stockholders will
have the opportunity to tender some or all of their shares at a
price of $80.00 per share. If more than 15,000,000 shares are
properly tendered and not withdrawn, then MGM MIRAGE and Infinity
World will purchase shares on a pro rata basis, subject to the
conditional tender offer provisions that will be described in the
offer to purchase that will be distributed to stockholders.
Stockholders whose shares are purchased in the offer will be paid
the $80.00 per share price net in cash, without interest, after the
expiration of the offer period. The offer is not contingent upon
any financing condition or any minimum number of shares being
tendered. The offer is subject, however, to a number of other
customary terms and conditions to be specified in the offer to
purchase that will be distributed to stockholders. No brokerage
fees or commissions will be charged to holders who tender their
shares. Neither MGM MIRAGE, its Board of Directors, nor Dubai World
and its affiliates are making any recommendation to stockholders as
to whether to tender or refrain from tendering their shares into
the tender offer. Stockholders must decide how many shares they
will tender, if any. About MGM MIRAGE MGM MIRAGE (NYSE:MGM), one of
the world's leading and most respected development companies with
significant holdings in gaming, hospitality and entertainment, owns
and operates 17 properties located in Nevada, Mississippi and
Michigan, and has 50% investments in four other properties in
Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing
major casino and non-casino resorts, separately and with partners
in Las Vegas, Atlantic City, the People's Republic of China and Abu
Dhabi, U.A.E. MGM MIRAGE supports responsible gaming and has
implemented the American Gaming Association's Code of Conduct for
Responsible Gaming at its properties. MGM MIRAGE has received
numerous awards and recognitions for its industry-leading Diversity
Initiative and its community philanthropy programs. For more
information about MGM MIRAGE, please visit the company's website at
http://www.mgmmirage.com/. About Dubai World Dubai World is a major
investment holding company which wholly owns or has substantial
interest in 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. The Dubai World Group has more than 50,000 employees in
over 100 cities around the globe. Dubai World's iconic real estate
projects include the Nakheel's Palm developments and The World. The
group also has extensive real estate investments in the US, the UK
and South Africa, unique hospitality destinations in every corner
of the world, and is a leading global port operator. In the last
five years, Dubai World has developed 80,000 luxury residential
villas and apartments and approximately three million square feet
of retail space. Forward-Looking Statement Statements in this
release which are not historical facts are "forward looking"
statements and "safe harbor statements" under the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including risks and/or uncertainties as described in
the company's public filings with the Securities and Exchange
Commission. Tender Offer Statement This press release is for
informational purposes only and is not an offer to buy or the
solicitation of an offer to sell any securities. The solicitation
and the offer to buy shares of MGM MIRAGE common stock will be made
only pursuant to an offer to purchase and related materials that
MGM MIRAGE and Infinity World will jointly file with the U.S.
Securities and Exchange Commission (the "SEC") on Schedule TO.
After MGM MIRAGE and Infinity World have jointly filed with the SEC
such tender offer statement on Schedule TO, MGM MIRAGE stockholders
and other investors should read these materials carefully because
they will contain important information, including the terms and
conditions of the offer. After MGM MIRAGE and Infinity World have
jointly filed with the SEC such tender offer statement on Schedule
TO, MGM MIRAGE stockholders and other investors may obtain copies
of these materials without charge from the SEC through the SEC's
website at http://www.sec.gov/, or from Mackenzie Partners, Inc.,
the information agent for the tender offer. MGM MIRAGE stockholders
and other investors are urged to read carefully those materials
prior to making any decisions with respect to the offer.
DATASOURCE: MGM MIRAGE CONTACT: Investment Community, Dan D'Arrigo,
EVP & Chief Financial Officer, +1-702-693-8895, or Media, Alan
M. Feldman, Senior Vice President of Public Affairs,
+1-702-891-7147, , both of MGM MIRAGE Web site:
http://www.mgmmirage.com/
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