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Article: [ TOPREGION ... ]
- Article from:
- Daily Breeze
- Article date:
- April 8, 2004
CopyrightCopyright 2004 Daily Breeze. Provided by ProQuest LLC. (Hide copyright information)
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TOPREGION
MGM could give Kerkorian windfall
Metro-Goldwyn-Mayer Inc. confirmed Wednesday that its management
intends to recommend its board of directors approve an $8 per share
special dividend, providing a windfall to billionaire Kirk Kerkorian.
The management expects to recommend the move after the company has
completed refinancing its credit facility, which is expected to occur
by April 30, according to a statement. There is no assurance the
board will approve the recommendation, the statement said.
Kerkorian owns 74 percent of the studio's shares, according to a
Los Angeles Times story last month. The dividend is expected to cost
MGM more than $1.5 billion, according to the Times ...