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Tracinda And Kirk Kerkorian Commence Tender Offer For MGM Shares At $16 Per Share-Update

(RealTimeTraders.com) - Thursday morning Tracinda Corp. and Kirk Kerkorian said that they have commenced their previously announced cash tender offer for 15 million shares of Metro-Goldwyn-Mayer Inc. (MGM) common stock at $16 per share.

Tracinda Corp. and Kirk Kerkorian added that if the full amount of shares is purchased in the offer, their ownership of MGM’s outstanding common stock will increase to 73% from 67%.

Both Tracinda and Kerkorian revealed that the offer is subject to customary conditions and is not subject to any financing condition.

MGM ended Wednesday’s regular trading session at $14.27.

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