As reported by: azstarnet
Billionaire investor Kirk Kerkorian's Tracinda Corp. said Wednesday that it plans to boost its majority stake in casino operator MGM Mirage Inc. and sell off shares in General Motors Corp.
Tracinda - which is solely owned by Kerkorian - said it would offer $825 million in cash for up to 15 million shares in MGM Mirage, raising its stake to 61.7 percent.
The offer of $55 a share represented a premium of more than 12 percent over MGM Mirage's closing stock price of $49 on Tuesday. MGM Mirage shares surged $5.21, or 10.6 percent, to close at $54.21 on the New York Stock Exchange.
Tracinda holds 56.3 percent of the outstanding stock.
Tracinda said in a filing with the Securities and Exchange Commission that it would sell 14 million shares in GM this week for $33 each, or $462 million, reducing Kerkorian's GM investment to 7.4 percent from 9.9 percent. GM shares fell 4.7 percent to close at $31.09.

Article By: azstarnet