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StumbleKerkorian drops bid for Vivendi entertainment
Wednesday, July 30, 2003 | 11:27 a.m.
LOS ANGELES -- The highest all-cash bidder for Vivendi Universal's entertainment assets has dropped his $11.5 billion offer, calling the reported asking price of $14 billion too steep.
Metro-Goldwyn-Mayer Inc.'s withdrawal Tuesday came as billionaire Kirk Kerkorian, MGM's primary shareholder, said he will spend as much as $240 million to increase his stake in the studio company to as high as 73 percent. Kerkorian also controls Las Vegas-based casino resort giant MGM MIRAGE.
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