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twitterKerkorian buys more MGM stock, but his stake drops
Tuesday, May 19, 2009 | 12:36 p.m.
Billionaire investor Kirk Kerkorian's purchase of 14.3 million newly issued shares in MGM Mirage was not enough to maintain his controlling interest in the casino company.
Kerkorian announced the nearly $100 million purchase in a regulatory filing on Tuesday that also said he now owns more than 163 million shares.
MGM Mirage said Tuesday that it issued 164.5 million new shares in all, netting $1.1 billion as part of a plan it announced last week to raise $2.5 billion in new capital.
That takes Kerkorian's stake in the company from nearly 54 percent to just under 39 percent.
The Las Vegas-based casino operator originally said it would issue 81 million new shares under the plan, with Kerkorian buying 8.1 million.
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You invest more into the company to own less, as your employees have been doing more for less, for some time. Sounds like the trojan horse is working, doesn't it, Mr. Kerkorian. It finally got around to you, too.