|
|
Article: MGM Mirage Bows Out of Wembley Bidding
- Article from:
- AP Online
- Article date:
- May 5, 2004
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
|
ADAM GOLDMAN, Associated Press Writer
AP Online
05-05-2004
Dateline: LAS VEGAS
MGM Mirage has decided against increasing its $555 million bid for London-based Wembley PLC in the face of a higher rival offer for the owner of race tracks in Colorado and United Kingdom and a Rhode Island dog track with video slot machines.
MGM Mirage's move takes it out of the running fror Wembley, but spokesman Alan Feldman said his company could restart the process if rival BLB Investors failed to complete the deal.
Last month, BLB Investors countered MGM Mirage's offer with a $559 million bid.
"We will make no further bids," Feldman said Wednesday. "However, should BLB be unsuccessful in completing their ...