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U.S. markets recover from steep losses
BEVERLY HILLS, Calif., Nov. 22 (UPI) -- California billionaire Kirk Kerkorian is offering $825 million to raise his stake in MGM Mirage to 61.7 percent.
The cash tender offer by Kerkororian's Tracinda Corp. investment vehicle, which already holds 56.3 percent of MGM Mirage, for as much as 15 million shares of the gambling giant at a price of $55 each, a 12-percent premium to Tuesday's closing price, MarketWatch reported Wednesday.
Word of the offer comes as General Motors Corp. shares fell more than 2 percent on word of a Tracinda regulatory filing indicating it will cut its 9.9-percent stake in the No. 1 automaker to 7.4 percent. Reportedly, Kerkorian thinks GM faces a labor clash next year as it negotiates with the United Auto Workers.
Tracinda expects to close its private $462 million transaction for the 14 million GM shares on Friday, according to its Securities and Exchange Commission filing.
MGM Mirage ranks second to Harrah's Entertainment in annual revenue.
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