MGM MIRAGE Offers to Buy Mandalay Resort Group in $7.65 Billion Transaction
June 04, 2004 8:37:00 PM ET

LAS VEGAS, June 4 /PRNewswire-FirstCall/ -- MGM MIRAGE MGG today announced that it has offered to purchase Mandalay Resort Group MBG for $68 per share in a cash transaction, the value of which would be approximately $7.65 billion, which includes the assumption of some $2.8 billion in debt.

"The combination of these two great companies would provide Mandalay shareholders with a premium price for their shares as well as providing several strategic benefits to shareholders in MGM MIRAGE," said Terry Lanni, Chairman of the Board and CEO of MGM MIRAGE.

The $68 per share MGM MIRAGE offer would provide Mandalay shareholders with a 12.8% premium over today's closing share price of $60.27.

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