Dubai World increases stake in MGM Mirage

Dubai World and MGM Mirage team up to spend as much as $800 million on a share buyback in MGM Mirage.

MGM Mirage and Dubai World have offered minority shareholders of MGM Mirage a price between $75-$80 per share to buy back up to 10 million shares, in the latest instance of a Gulf-based investor seeking a high-growth opportunity in a foreign market.

The offer price represents a 7%-14% premium to the $69.98 closing price of MGM Mirage on January 8. Price discovery will be through a Dutch auction within the specified $75-$80 price range. This means shareholders will be able...

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