Group Close to Upsetting MGM Bid for Wembley

19 Mar 2004

LONDON – As reported by Reuters: "A U.S. consortium including the owner of Bahamas' Atlantis resort moved a step closer to upsetting rival MGM Mirage's (NYSE:MGG) $493 million cash offer for British gaming firm Wembley (London:WMY.L) on Friday.

"BLB Investors, specially formed to make a counterbid, said Active Value Fund Managers had agreed to sell its remaining 2.5 million Wembley shares, potentially taking BLB's stake to 22.3 percent.

"The agreement is contingent on BLB, half-owned by private U.S. real estate investor Starwood Capital, announcing an offer for Wembley by March 30.

"…BLB threatens MGM's takeover, a so-called scheme of arrangement -- a fast-track approach that requires 75 percent shareholder approval.

"…BLB has been jockeying for prominence since March 10, when it bought 2.8 million Wembley shares -- 8.1 percent of the British group's issued share capital -- at 800p each…"

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	Group Close to Upsetting MGM Bid for Wembley 19 Mar 2004 LONDON – As reported by Reuters: "A U.S. consortium including the owner of Bahamas' Atlantis resort moved a step closer to upsetting rival MGM Mirage's (NYSE:MGG) $493 million cash offer for British gaming firm Wembley (London:WMY.L) on Friday. "BLB Investors, specially formed to make a counterbid, said Active Value Fund Managers had agreed to sell its remaining 2.5 million Wembley shares, potentially taking BLB's stake to 22.3 percent. "The agreement is contingent on BLB, half-owned by private U.S. real estate investor Starwood Capital, announcing an offer for Wembley by March 30. "…BLB threatens MGM's takeover, a so-called scheme of arrangement -- a fast-track approach that requires 75 percent shareholder approval. "…BLB has been jockeying for prominence since March 10, when it bought 2.8 million Wembley shares -- 8.1 percent of the British group's issued share capital -- at 800p each…"