MGM Announces Agreement in Principle to Be Acquired at $12 Per Share
13 Setembro 2004 - 9:35PM
PR Newswire (US)
MGM Announces Agreement in Principle to Be Acquired at $12 Per
Share LOS ANGELES, Sept. 13 /PRNewswire-FirstCall/ --
Metro-Goldwyn-Mayer Inc. (NYSE:MGM) today announced that it has
reached an agreement in principle on the terms of a merger
agreement with a consortium including Sony Corporation of America,
Providence Equity Partners Inc., Texas Pacific Group and DLJ
Merchant Banking Partners. Under the agreement, the consortium
would acquire MGM for $12 in cash per MGM share plus the assumption
of the Company's debt. MGM received a security deposit of $150
million on September 13, 2004 pursuant to a deposit agreement that
MGM is filing with the Securities and Exchange Commission. MGM
management is expected to recommend the proposed merger to its
Board by September 27, 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO) This news
release contains forward-looking statements that are based upon the
Company's estimates and expectations concerning future events and
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those reflected in the
forward-looking statements. These risks and uncertainties include,
among other things, future competitive and market conditions,
whether the Company's products achieve customer acceptance, future
business decisions and other factors, including those described in
the Company's filings with the Securities and Exchange Commission,
all of which are difficult or impossible to predict accurately and
many of which are beyond the control of MGM. In light of the
significant uncertainties inherent in the forward-looking
information herein, the inclusion of such information should not be
regarded as a representation by the Company or any other person
that the Company's objectives or plans will be realized. This press
release shall not constitute an offer to sell, or the solicitation
of an offer to buy, any securities of the Company. In connection
with the proposed transaction, subject to execution of a definitive
agreement, MGM would file a proxy statement and other materials
with the Securities and Exchange Commission. INVESTORS ARE URGED TO
READ THE PROXY STATEMENT AND THESE MATERIALS WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. MGM and
its officers and directors may be deemed to be participants in the
solicitation of proxies with respect to the proposed transaction.
Information regarding such individuals is included in MGM's proxy
statements and Annual Reports on Form 10K previously filed with the
Securities and Exchange Commission and will be included in the
proxy statement relating to the proposed merger when it becomes
available. Investors may obtain a free copy of the proxy statements
and other relevant documents when they become available as well as
other material filed with the Securities and Exchange Commission
concerning MGM and these individuals at the Securities and Exchange
Commission's website at http://www.sec.gov/. These materials and
other documents may also be obtained for free from: MGM at
Metro-Goldwyn-Mayer, 10250 Constellation Boulevard, Los Angeles,
California 90067, Attn: Investor Relations. About MGM
Metro-Goldwyn-Mayer Inc. (NYSE:MGM), through its
Metro-Goldwyn-Mayer Studios Inc. subsidiary, is actively engaged in
the worldwide production and distribution of motion pictures,
television programming, home video, interactive media, music and
licensed merchandise. The company owns the world's largest library
of modern films, comprised of about 4,000 titles. Operating units
include MGM Pictures, United Artists, MGM Television Entertainment,
MGM Networks, MGM Distribution Co., MGM Worldwide Television
Distribution, MGM Home Entertainment, MGM On Stage, MGM Consumer
Products, MGM Music, MGM Interactive and MGM Direct. In addition,
MGM has ownership interests in international television channels
reaching more than 110 countries. For more information, visit
http://www.mgm.com/. For further information, please contact Joseph
Fitzgerald, Executive Vice President, Investor Relations &
Corporate Communications, or Janet Janjigian, Senior Vice
President, Corporate Communications, +1-310-449-3660, both of
Metro-Goldwyn-Mayer Inc.; or George Sard, or Stephanie Pillersdorf,
both of Citigate Sard Verbinnen, +1-212-687-8080, for
Metro-Goldwyn-Mayer Inc.
http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO
http://photoarchive.ap.org/ DATASOURCE: Metro-Goldwyn-Mayer Inc.
CONTACT: Joseph Fitzgerald, Executive Vice President, Investor
Relations & Corporate Communications, or Janet Janjigian,
Senior Vice President, Corporate Communications, +1-310-449-3660,
both of Metro-Goldwyn-Mayer Inc.; or George Sard, or Stephanie
Pillersdorf, both of Citigate Sard Verbinnen, +1-212-687-8080, for
Metro-Goldwyn-Mayer Inc. Web site: http://www.mgm.com/
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