Amendment to Tender-Offer Statement — Issuer Tender Offer — Schedule 13E-4
Filing Table of Contents
Document/Exhibit Description Pages Size
1: SC 13E4/A Amendment No. 1 to Schedule 13E-4/A 4 16K
2: EX-99.(A)(10) Press Release Dated July 26, 1999 2 9K
3: EX-99.(A)(11) Press Release Dated July 30, 1999 2 8K
4: EX-99.(A)(12) Press Release Dated August 5, 1999 1 7K
5: EX-99.(G)(4) Selected Text of Mgm Grand's 10-Q for 6/30/1999 16 87K
EX-99.(A)(10) — Press Release Dated July 26, 1999
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EXHIBIT (a)(10)
MGM Grand Announces Preliminary Results of the Company's $50 Cash Tender Offer
LAS VEGAS, July 26 /PRNewswire/ -- MGM Grand, Inc. (NYSE: MGG) today
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announced the preliminary results of the Company's tender offer to purchase
6,000,000 shares at $50 per share, which expired Friday, July 23, 1999 at 5:00PM
EDT.
Based on the preliminary count, subject to final verification,
approximately 15,315,000 shares of the Company's common stock were tendered,
representing 24.3% of the outstanding shares, including approximately 1,762,000
shares which were tendered through Notices of Guaranteed Delivery. Since more
shares were tendered than the 6,000,000 authorized in the tender offer, those
shares to be purchased are subject to proration.
Depending on the number of shares ultimately delivered and the number of
odd lots included in those deliveries, the proration of shares to be purchased
may change. Based on the preliminary count, subject to final verification and
upon approval of the Company's Board of Directors, the proration of shares to be
purchased is expected to be approximately 39.2% of the shares tendered assuming
the receipt of all the shares tendered through Notices of Guaranteed Delivery.
Payment for the shares properly tendered and accepted will be made as soon as
practicable.
As set forth in the Company's Offer to Purchase dated June 17, 1999, the
tender will complete the 12,000,000 share repurchase program which was
previously announced in June, 1998.
MGM Grand has been informed that its principal stockholders, Tracinda
Corporation and Kirk Kerkorian did not participate in the tender offer. However,
MGM Grand, at the request of Mr. Kerkorian, has registered for sale by him up to
3,894,406 shares of MGM Grand stock, which he owns directly and which is
approximately the number of shares Tracinda and Mr. Kerkorian
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could have sold in the tender offer had they elected to participate and assuming
full participation.
MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered
in Las Vegas, Nevada. MGM Grand, Inc. owns and operates: the MGM Grand Hotel and
Casino -- The City of Entertainment and New York -- New York Hotel and Casino in
Las Vegas; Whiskey Pete's, Buffalo Bill's and the Primm Valley Resort in Primm,
Nevada at the California/Nevada border; two championship golf courses in
California; the MGM Grand Hotel and Casino in Darwin, Australia; and manages
casinos in Nelspruit, Witbank and Johannesburg, Republic of South Africa. MGM
Grand is developing an interim casino in Detroit, Michigan, which is anticipated
to open in the fall of 1999, followed by the permanent hotel and casino resort
thereafter. The Company also has announced plans to develop a hotel and casino
resort in Atlantic City, New Jersey.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties, including
risks and/or uncertainties as described in the Company's public filings with the
Securities and Exchange Commission.
SOURCE MGM Grand, Inc.
Company News On Call:
http://www.prnewswire.com/comp/000725.html or fax, 800-758-5804,
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ext. 000725
Dates Referenced Herein and Documents Incorporated by Reference
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