Dubai World to boost MGM offer-report - Monday 28th of January 2008

NEW YORK, Jan 16 (Reuters) - Dubai World and casino operator MGM Mirage are set to boost their joint tender offer for MGM shares, going after a bigger stake and setting the price at the high end of a previously stated offer, the Associated Press reported.

The revised offer, to be announced on Wednesday, would be for 15 million shares at $80 each, the AP reported, quoting an executive.

Dubai World would buy 6.5 million of the shares offered, increasing its stake in the company to 9.4 percent, while MGM Mirage would buy 8.5 million, the report said.

MGM executives were not immediately available for comment.

MGM Mirage and state-owned investment company Dubai World said last week that they will make a cash tender offer for 10 million MGM shares at between $75 and $80 each.

Dubai World started building up its stake in MGM in August 2007 as part of a deal that included the purchase of MGM shares and the acquisition of a 50 percent stake in MGMs massive CityCenter project in Las Vegas. (Editing by Paul Bolding)

Other news from around the same time

High court reverses plea in casino chips case - Monday 28th of January 2008

The Missouri Supreme Court ruled Tuesday that defrauding a casino with its own gambling chips is no ....


Betting industry urges EU action vs. German ban - Monday 28th of January 2008

Europes online gaming industry filed a complaint with the European Commission on Tuesday, saying Ger....


Challenge to German gambling ban - Monday 28th of January 2008

Under the law which came into force on 1 January, online gaming and betting are prohibited, although....


Banks attack conflicting US gambling rules - Saturday 22nd of December 2007

Banking lobbyists are warning the US Treasury that regulations proposed in the wake of last years sw....


London Underground censors bookies bingo ads - Saturday 22nd of December 2007

Irish bookmaker Paddy Power has run into trouble with its latest ad campaign. Officials at London Un....


Bookies may part with SIS stake - Friday 21st of December 2007

Three of Britains biggest bookmakers are considering offering to sell around half of their controlli....


Fortuna buys Croatian betting firm Favorit - Friday 21st of December 2007

Betting company Fortuna has expanded its activities to the Croatian odds betting market where it has....


LAS VEGAS GOLF IN THE ORIENT - Friday 21st of December 2007

With major changes in the plans for the Macau gaming industry comes the necessity to have an interna....


Dion ends five-year run at Las Vegas casino - Friday 21st of December 2007

Celine Dion has called it a wrap at Caesars Palace, acknowledging in her final show that pregnancy a....


Jeff Simpson agrees with New Jerseys decision not to renew the license of the Tropicana there - Monday 28th of January 2008

Waves from Atlantic City might be felt in VegasIll admit I was shocked by Wednesdays decision by the....