Monday, May 21, 2007

Tracinda plans talks with MGM to buy Bellagio Hotel (Market Watch)

WASHINGTON (MarketWatch) -- Billionaire investor Kirk Kerkorian's Tracinda Corp. said Monday that it plans to enter into negotiations with MGM Mirage (MGM : MGM Mirage
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4:54pm 05/21/2007

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MGM62.95, +0.15, +0.2%) to purchase MGM's Bellagio Hotel and Casino and City Center properties.
In a filing with the Securities and Exchange Commission, Tracinda said it also wishes to pursue strategic alternatives with respect to its investment in the world's second-largest casino operator, which may include financial restructuring transactions involving all or a substantial portion of the remainder of the company.
Tracinda currently owns 158.8 million shares, or a 56% stake in the Las Vegas-based company, according to the SEC filing.
Tracinda said it has made no decision with respect to any such restructuring transactions and reserves the right not to engage in or approve any transaction.
Shares of the company closed Monday at $62.89 each.
-Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com

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