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Article: Boards of Las Vegas Firms MGM Mirage, Mandalay Resort Group to Consider Deal.
- Article from:
- Las Vegas Review-Journal (Las Vegas, NV)
- Article date:
- June 15, 2004
CopyrightCOPYRIGHT 2004 Las Vegas Review-Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Rod Smith
Jun. 15--Boards for both MGM Mirage and Mandalay Resort Group will meet today to consider a $7.9 billion buyout proposal that would create the world's largest gaming company, controlling the lion's share of the Strip's hotel rooms, convention space and slots.
The boards are expected to OK a revised all-cash offer of $71 per share by MGM Mirage, hammered out by the two Las Vegas-based companies over the weekend, to take over Mandalay.
Sources close to this weekend's talks said the deal got back on track after MGM Mirage negotiators dropped a $100 million cancellation clause that led Mandalay on Friday to reject the company's ...