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National Post's Financial Post & FP Investing (Canada)
December 29, 2007 Saturday
National Edition
Dubai buys more MGM Mirage stock from Kerkorian foundation
Dubai World increased its stake in casino operator MGM Mirage to 6.5%
after agreeing to buy five million shares from a foundation founded
by MGM controlling shareholder Kirk Kerkorian. Dubai World, a holding
company for the Persian Gulf state that previously held a 5% stake in
MGM, bought its additional shares from the Lincy Foundation for
$424US-million, or $84US.80 a share. The deal was announced yesterday
in a filing with the U.S. Securities and Exchange Commission. In the
filing, Dubai World said the purchase was for investment purposes.
The company manages the government of Dubai's business projects,
includes the private-equity powerhouse Istithmar and a big investment
portfolio. Mr. Kerkorian founded the Beverly Hills-based Lincy
Foundation after the devastating 1988 Armenian earthquake. He is of
Armenian descent.
From: Emil Lazarian | Ararat NewsPress
December 29, 2007 Saturday
National Edition
Dubai buys more MGM Mirage stock from Kerkorian foundation
Dubai World increased its stake in casino operator MGM Mirage to 6.5%
after agreeing to buy five million shares from a foundation founded
by MGM controlling shareholder Kirk Kerkorian. Dubai World, a holding
company for the Persian Gulf state that previously held a 5% stake in
MGM, bought its additional shares from the Lincy Foundation for
$424US-million, or $84US.80 a share. The deal was announced yesterday
in a filing with the U.S. Securities and Exchange Commission. In the
filing, Dubai World said the purchase was for investment purposes.
The company manages the government of Dubai's business projects,
includes the private-equity powerhouse Istithmar and a big investment
portfolio. Mr. Kerkorian founded the Beverly Hills-based Lincy
Foundation after the devastating 1988 Armenian earthquake. He is of
Armenian descent.
From: Emil Lazarian | Ararat NewsPress