MGM Mirage, Dubai World increase tender offer

16 Jan 2008

LAS VEGAS, Nevada -- (PRESS RELEASE) -- MGM Mirage (NYSE: MGM) and Dubai World today jointly announced that they will increase their offer to purchase shares of MGM Mirage common stock from 10,000,000 to 15,000,000, and set the tender price at $80.00 per share from the previously announced price range of $75.00 to $80.00 per share. The offer price represents approximately a 20.4% premium over MGM Mirage's closing stock price of $66.47 on January 15, 2008.

With respect to the shares of MGM Mirage common stock that are tendered and accepted for purchase pursuant to the offer, MGM Mirage will purchase up to 8,500,000 of said shares and Dubai World will purchase up to 6,500,000 of said shares.

Tracinda Corporation is the beneficial owner of 153,837,330 shares of MGM Mirage common stock and has informed MGM Mirage that it will not tender any of its shares.

Dubai World, through its affiliates Infinity World (Cayman) L.P. and Infinity World Investments LLC, is the beneficial owner of 19,548,838 shares of MGM Mirage common stock. It is anticipated that the bidder on behalf of Dubai World will be Infinity World (Cayman) L.P. ("Infinity World").

Under the procedures for the Tender Offer, MGM Mirage's stockholders will have the opportunity to tender some or all of their shares at a price of $80.00 per share. If more than 15,000,000 shares are properly tendered and not withdrawn, then MGM Mirage and Infinity World will purchase shares on a pro rata basis, subject to the conditional tender offer provisions that will be described in the offer to purchase that will be distributed to stockholders. Stockholders whose shares are purchased in the offer will be paid the $80.00 per share price net in cash, without interest, after the expiration of the offer period. The offer is not contingent upon any financing condition or any minimum number of shares being tendered. The offer is subject, however, to a number of other customary terms and conditions to be specified in the offer to purchase that will be distributed to stockholders. No brokerage fees or commissions will be charged to holders who tender their shares.

Neither MGM Mirage, its Board of Directors, nor Dubai World and its affiliates are making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer. Stockholders must decide how many shares they will tender, if any.

Language: Any Language Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue
	MGM Mirage, Dubai World increase tender offer 16 Jan 2008 LAS VEGAS, Nevada -- (PRESS RELEASE) -- MGM Mirage (NYSE: MGM) and Dubai World today jointly announced that they will increase their offer to purchase shares of MGM Mirage common stock from 10,000,000 to 15,000,000, and set the tender price at $80.00 per share from the previously announced price range of $75.00 to $80.00 per share. The offer price represents approximately a 20.4% premium over MGM Mirage's closing stock price of $66.47 on January 15, 2008. With respect to the shares of MGM Mirage common stock that are tendered and accepted for purchase pursuant to the offer, MGM Mirage will purchase up to 8,500,000 of said shares and Dubai World will purchase up to 6,500,000 of said shares. Tracinda Corporation is the beneficial owner of 153,837,330 shares of MGM Mirage common stock and has informed MGM Mirage that it will not tender any of its shares. Dubai World, through its affiliates Infinity World (Cayman) L.P. and Infinity World Investments LLC, is the beneficial owner of 19,548,838 shares of MGM Mirage common stock. It is anticipated that the bidder on behalf of Dubai World will be Infinity World (Cayman) L.P. ("Infinity World"). Under the procedures for the Tender Offer, MGM Mirage's stockholders will have the opportunity to tender some or all of their shares at a price of $80.00 per share. If more than 15,000,000 shares are properly tendered and not withdrawn, then MGM Mirage and Infinity World will purchase shares on a pro rata basis, subject to the conditional tender offer provisions that will be described in the offer to purchase that will be distributed to stockholders. Stockholders whose shares are purchased in the offer will be paid the $80.00 per share price net in cash, without interest, after the expiration of the offer period. The offer is not contingent upon any financing condition or any minimum number of shares being tendered. The offer is subject, however, to a number of other customary terms and conditions to be specified in the offer to purchase that will be distributed to stockholders. No brokerage fees or commissions will be charged to holders who tender their shares. Neither MGM Mirage, its Board of Directors, nor Dubai World and its affiliates are making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer. Stockholders must decide how many shares they will tender, if any.