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Metro-Goldwyn-Mayer selling shares

Thursday, March 14, 2002 | 9:46 a.m.

SANTA MONICA, Calif. -- Billionaire Kirk Kerkorian's Metro-Goldwyn-Mayer Inc., owner of the movie library that includes the James Bond and Rocky films, said it's selling 10.6 million common shares to raise $174.1 million, possibly for use in acquisitions despite earlier indications Kerkorian wanted to sell the studio.

The offering is expected to close on March 18, the company said in a statement. MGM has granted the underwriters, led by Goldman Sachs Group, an over-allotment option to purchase 1.58 million shares for $26.1 million.

Shares of Santa Monica, Calif.-based MGM fell $1.66, or 9.1 percent, to $16.50 in early trading before being halted today. The stock had declined 17 percent this year.

Kerkorian also controls Las Vegas casino gambling giant MGM MIRAGE.

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