SCHEDULE TO AMENDMENT NO. 5
This Amendment No. 5 (the Amendment No. 5) amends and supplements the Tender Offer Statement on Schedule TO (the Schedule TO)
originally filed with the United States Securities and Exchange Commission (the SEC) by MGM Resorts International (MGM, the Company or the Registrant) on February 13, 2020, as amended on
February 14, 2020 (Amendment No. 1), as further amended on February 14, 2020 (Amendment No. 2), as further amended on February 27, 2020 (Amendment No. 3) and as further amended on
February 28, 2020 (Amendment No. 4), in connection with the Companys offer to purchase up to $1,250,000,000 in value of shares of its common stock, par value $0.01 per share (the Shares and, such offer, the Tender
Offer). The Tender Offer was being made in accordance with the terms and subject to the conditions described in the Offer to Purchase dated February 13, 2020 (as supplemented and amended to the date hereof, the Offer to
Purchase), and in the amended and restated Letter of Transmittal (the Amended and Restated Letter of Transmittal) (which have been previously filed as exhibits to this Schedule TO) and was scheduled to expire at 12:00 Midnight, at
the end of the day, New York City time, on March 12, 2020, unless extended or terminated (such date and time, the Expiration Date).
Items 1 through 11.
Items 1 through 11 of the Schedule
TO, to the extent they incorporate by reference information contained in the Offer to Purchase and the Amended and Restated Letter of Transmittal, are hereby amended as follows:
Termination of Tender Offer
On March 12, 2020,
the Company announced that it had terminated the Tender Offer as a result of the Share price and market index conditions to the Tender Offer not having been satisfied, as described below.
The Companys obligation to acquire Shares pursuant to the Tender Offer was subject to various terms and conditions as specified in the Offer to Purchase
and Amended and Restated Letter of Transmittal documents that were distributed to holders, including a condition that, as amended on February 28, 2020, specified that there shall not have occurred any decrease of more than 15% in the sale price of
the Shares on the New York Stock Exchange (NYSE) or a decrease of more than 10% in the general level of market prices for equity securities in the United States of the New York Stock Exchange Index, the Dow Jones Industrial
Average, the NASDAQ Global Market Composite Index or Standard & Poors Composite Index of 500 Industrial Companies, in each case, as measured from the close of trading on February 28, 2020, the date of Amendment No. 4 announcing the
amendment of the price range for the Tender Offer.
Under the terms of the Tender Offer, once such a decrease occurred at any time prior to the expiration
of the Tender Offer, and regardless of any subsequent Share price or market index changes, the Company had the right to terminate the Tender Offer.
On
March 5, 2020, the sale price of the Shares on the NYSE reached a low of $20.44, a decrease of approximately 16.8% from the sale price of the Shares on the NYSE as of the close of trading on February 28, 2020, thereby triggering the failure of the
Share price condition referred to above, and the sale price of the Shares on the NYSE has remained at a level representing a greater than 15% decrease compared to February 28, 2020 for all or significant portions of each trading session from March
5, 2020 to March 12, 2020. In addition, on March 11, 2020, the New York Stock Exchange Index declined to levels representing a decrease of approximately 10.7% from the close of trading on February 28, 2020, thereby triggering the failure of the
market index condition to the Tender Offer as well.
Accordingly, the Company has exercised its right to terminate the Tender Offer as a result of these
triggering events having occurred. As a result of this termination, no Shares will be purchased in the Tender Offer and all Shares previously tendered and not withdrawn will be promptly returned to tendering holders.
A copy of the press release issued by the Company on March 12, 2020 announcing the termination of the Tender Offer is attached hereto as Exhibit (a)(5)(G) and
is incorporated herein by reference.