MGM Mirage: Mandalay Offer Leaked

7 Jun 2004

CHICAGO, Illinois – As reported by CBS Marketwatch: "MGM Mirage pushed Mandalay Resort Group to go public on a buyout offer Friday, citing concerns that Mandalay's stock movement suggested there had been a leak in the negotiations.

"In a Friday letter to Mandalay (MBG) chairman Mike Ensign that was filed with the Securities and Exchange Commission on Monday, MGM Mirage (MGG) CEO Terri Lanni said that 'in light of the past several days of discussions regarding the sale of Mandalay, Mandalay management's interest in considering such sale and today's unusual activity in Mandalay's stock, you or your counsel may consider it appropriate or necessary to make a public announcement of our proposal.'

"MGM Mirage's $68 per share offer, announced late Friday, represented a 13 percent premium to Mandalay's closing price Friday. During that session, Mandalay's shares gained more than 10 percent to finish at $60.27, while MGM Mirage added slightly more than 3 percent to $46.03.

"However, the offer represented a nearly 23 percent premium over the closing price of $55.48 on June 2, 'the day we met with your executives and financial advisers to discuss a potential combination,' Lanni wrote.

"…'We are concerned that the trading activity in Mandalay's stock strongly suggests that there has been a leak of the negotiations.'…"

Language: English 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: Mandalay Offer Leaked 7 Jun 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> CHICAGO, Illinois – As reported by CBS Marketwatch: "MGM Mirage pushed Mandalay Resort Group to go public on a buyout offer Friday, citing concerns that Mandalay's stock movement suggested there had been a leak in the negotiations. "In a Friday letter to Mandalay (MBG) chairman Mike Ensign that was filed with the Securities and Exchange Commission on Monday, MGM Mirage (MGG) CEO Terri Lanni said that 'in light of the past several days of discussions regarding the sale of Mandalay, Mandalay management's interest in considering such sale and today's unusual activity in Mandalay's stock, you or your counsel may consider it appropriate or necessary to make a public announcement of our proposal.' "MGM Mirage's $68 per share offer, announced late Friday, represented a 13 percent premium to Mandalay's closing price Friday. During that session, Mandalay's shares gained more than 10 percent to finish at $60.27, while MGM Mirage added slightly more than 3 percent to $46.03. "However, the offer represented a nearly 23 percent premium over the closing price of $55.48 on June 2, 'the day we met with your executives and financial advisers to discuss a potential combination,' Lanni wrote. "…'We are concerned that the trading activity in Mandalay's stock strongly suggests that there has been a leak of the negotiations.'…"