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MGM Mirage forms committee for Tracinda negotiations
Hotel & Motel Management,
Thursday, May 24, 2007 at 2:08:36 PM
MGM MIRAGE today announced that in response to an amended Schedule 13D filed by Tracinda Corporation with the Securities and Exchange Commission on May 21, 2007, in which Tracinda stated: "[Tracinda] intends to enter into negotiations with MGM MIRAGE to purchase the Bellagio Hotel and Casino and City Center properties. Tracinda also wishes to pursue strategic alternatives with respect to its investment in MGM MIRAGE which may include financial restructuring transactions involving all or a substantial portion of the remainder of the Company. Tracinda has made no decision with respect to any such restructuring transactions and reserves the right not to engage in or approve any transaction," MGM MIRAGE's Board of Directors has formed a Transactions Committee comprised of non-management, independent directors, not affiliated with Tracinda, to consider Tracinda's statement and strategic alternatives available to MGM MIRAGE.
MGM MIRAGE also advised that there can be no assurances that this process will result in any specific transactions. MGM MIRAGE added that it does not expect, at this point, to disclose any developments regarding its exploration of strategic alternatives.
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