MGM Resorts International Announces Repurchase Of 10 Million Shares Of Common Stock From Tracinda Corporation
Wednesday 14 de March 2018 / 09:30
⏱ 1 min read
(Las Vegas).- MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM) today announced that it will purchase 10 million shares of its common stock from Tracinda Corporation ("Tracinda") at $36.24 per share, a 1.5% discount to the market closing price on March 9, 2018, for a total aggregate amount of $362.4 million. Following the purchase, Tracinda will own approximately 27.2 million shares, or 4.8% of the Company's outstanding common stock.
With our larger scale development projects soon coming to completion, today's announcement underscores our confidence in the Company's meaningful cash flow trajectory and commitment to a balanced capital allocation strategy," said Jim Murren, Chairman and CEO of MGM Resorts. "This strategy includes prudently investing in attractive growth opportunities and returning excess capital to shareholders while maintaining a strong credit profile, which we believe will maximize shareholder value."
The repurchase is expected to occur on March 15, 2018 and will be made pursuant to the terms of the Company's $1.0 billion stock repurchase program, of which $310.1 million will remain following the transaction.
As of March 8, 2018, there were approximately 566.7 million shares of the Company's common stock outstanding.
Categoría:Casino
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País: United States
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