Kerkorian Listens!
When we hosted The Festival of Stocks, we made the following comment on one of the submissions:
Traders Insights looks at MGM and likes what he sees. We must admit, with this cash cow in his stable we were somewhat perplexed as to why Kirk Kerkorian was messing around with something like GM rather than buying out the public float on this bad boy.
Tracinda Corporation, the investment firm owned by billionaire Kirk Kerkorian, said it is making a 55 usd per share offer for up to 15 mln shares in MGM MIRAGE Inc, in a deal that could be valued at up to 825 mln usd.
The offer price represents a 12.2 pct premium over MGM MIRAGE’s closing share price of 49 usd on November 21, Tracinda said.
The firm already owns 56.3 mln shares in MGM. If the deal is completed, Kerkorian will own a 61.7 pct stake in the company.
It’s gotta be a better bet than GM.
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