MGM MIRAGE and Infinity World (Cayman) L.P. Announce Preliminary Results of Their Joint Tender Offer
15 Fevereiro 2008 - 11:30AM
PR Newswire (US)
LAS VEGAS, Feb. 15 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
and Infinity World (Cayman) L.P., an indirect wholly owned
subsidiary of Dubai World, announced today the preliminary results
of their joint tender offer, which expired at 12:00 midnight, New
York City time, on February 14, 2008. Based on the preliminary
count, subject to final verification and conditional tenders,
101,906,722 shares of MGM MIRAGE's common stock were tendered,
including 19,225,965 shares which were tendered through Notices of
Guaranteed Delivery. Any shares tendered upon the condition of a
minimum number of shares being purchased in the joint tender offer
will be deemed withdrawn in the event that such condition is not
satisfied as a result of proration. MGM MIRAGE and Infinity World
(Cayman) L.P. expect to purchase 15,000,000 shares of MGM MIRAGE's
common stock in the joint tender offer, with MGM MIRAGE purchasing
8,500,000 of such shares and Infinity World (Cayman) L.P.
purchasing 6,500,000 of such shares, at a purchase price of $80.00
per share, for a total purchase price of $1,200,000,000. Because
the number of shares tendered exceeded the number of shares that
MGM MIRAGE and Infinity World (Cayman) L.P. offered to purchase,
the resulting estimated proration factor is approximately 14.7% of
the shares tendered. The number of shares tendered and not
withdrawn and the proration factor are preliminary and are subject
to verification. The actual number of shares validly tendered and
not withdrawn and the final proration factor will be announced
promptly following completion of the verification process. Promptly
after such announcement, the depositary will issue payment for the
shares validly tendered and accepted under the joint tender offer
and will return all other shares tendered. 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. DATASOURCE: MGM MIRAGE CONTACT: Investors, Dan
D'Arrigo, EVP & Chief Financial Officer, +1-702-693-8895, or
Media, Alan M. Feldman, Senior Vice President of Public Affairs,
+1-702-650-6947, , both of MGM MIRAGE Web site:
http://www.mgmmirage.com/
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