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twitterMGM Grand offers to buy Mirage Resorts for $5.4 billion
Wednesday, Feb. 23, 2000 | 9:20 a.m.
MGM Grand Inc. today offered to buy casino rival Mirage Resorts Inc. for $5.4 billion in cash, stock and assumed debt.
Mirage officials declined comment on the unsolicited offer this morning.
Billionaire Kirk Kerkorian's MGM Grand is offering $17 in cash for each Mirage share, or a combination of cash and MGM Grand stock. The offer represents a 56 percent premium over Tuesday's closing price of Mirage stock.
It was unclear this morning if other casino operators like Park Place Entertainment and Harrah's Entertainment would step up to bid for Steve Wynn's Mirage.
An MGM Grand-Mirage combination would create a casino giant with properties in Las Vegas, Primm, Detroit, Biloxi, Miss.; and development plans in Atlantic City.
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