Institutional investor liquidates stake

Friday, March 10, 2000 | 11:05 a.m.

One of the largest shareholders in Mirage Resorts Inc. reported the recent sale of 11.5 million shares in the Las Vegas gaming company.

In a Thursday filing with the Securities and Exchange Commission, Boston-based investment fund Capital Growth Management indicated it now holds no shares in Mirage Resorts.

On Feb. 10, the date of its last ownership filing, Capital Growth reported holdings of 11.5 million shares -- a 6.1 percent stake in Mirage Resorts. That made Capital Growth the third-largest outside investor in the company.

The Thursday filing did not indicate when the sales occurred, or at what price. At current market values, the shares are valued at $208.5 million.

Mirage Resorts reached a definitive agreement March 6 to be acquired by MGM Grand Inc. for $21 per share. Prior to MGM Grand's takeover effort -- first announced Feb. 23 -- Mirage Resorts traded at $10.88. Since that time, its shares have traded as high as $19.

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