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November 30, 2009

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MGM Grand stock sale of $102 mil. reported

Tuesday, Nov. 16, 1999 | 11:07 a.m.

Billionaire Kirk Kerkorian sold 2 million shares of MGM Grand Inc. stock for $102.5 million Friday, according to a Securities & Exchange Commission report filed today.

The filing said Kerkorian still owns more than 36 million shares of MGM stock, or about 63.3 percent of the amount outstanding.

The SEC report said Kerkorian doesn't intend to sell any more stock now, but may do so from time to time in the future, depending on market conditions. Kerkorian had previously announced he might sell up to 3.8 million shares.

MGM Grand stock was quoted at $49.625 a share, up $2.375 or 5.1 percent, in early afternoon trading today.

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