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November 16, 2009

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Brief: MGM Grand, Primadonna sign definitive pact

Monday, Dec. 7, 1998 | 11:33 a.m.

As previously disclosed, Primadonna stockholders will receive 0.33 shares of MGM Grand common stock for each share of Primadonna stock held, or a total of about 9.5 million shares of MGM Grand common stock.

Morgan Stanley Dean Witter, Primadonna's investment banker, said the exchange ratio is fair to Primadonna's stockholders.

The companies said holders of about 53 percent of Primadonna's common stock have delivered to MGM Grand agreements to vote their Primadonna shares for the the merger, which is expected to close in 1999's first quarter.

The merger will join Primadonna's Whiskey Pete's, Buffalo Bill's and Primm Valley Resort hotel-casinos and two golf courses, plus its 50 percent stake in New York-New York, with MGM Grand, which, in addition to its flagship Las Vegas resort, owns half of New York-New York and manages casinos in Australia and South Africa. MGM also plans to open a temporary casino in Detroit next summer, a permanent one there later and another resort in Atlantic City.

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