LAS VEGAS, Feb. 15 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) and
Infinity World (Cayman) L.P., an indirect wholly owned subsidiary of Dubai
World, announced today the preliminary results of their joint tender offer,
which expired at 12:00 midnight, New York City time, on February 14, 2008.
Based on the preliminary count, subject to final verification and
conditional tenders, 101,906,722 shares of MGM MIRAGE's common stock were
tendered, including 19,225,965 shares which were tendered through Notices
of Guaranteed Delivery. Any shares tendered upon the condition of a minimum
number of shares being purchased in the joint tender offer will be deemed
withdrawn in the event that such condition is not satisfied as a result of
proration.
MGM MIRAGE and Infinity World (Cayman) L.P. expect to purchase
15,000,000 shares of MGM MIRAGE's common stock in the joint tender offer,
with MGM MIRAGE purchasing 8,500,000 of such shares and Infinity World
(Cayman) L.P. purchasing 6,500,000 of such shares, at a purchase price of
$80.00 per share, for a total purchase price of $1,200,000,000. Because the
number of shares tendered exceeded the number of shares that MGM MIRAGE and
Infinity World (Cayman) L.P. offered to purchase, the resulting estimated
proration factor is approximately 14.7% of the shares tendered.
The number of shares tendered and not withdrawn and the proration
factor are preliminary and are subject to verification. The actual number
of shares validly tendered and not withdrawn and the final proration factor
will be announced promptly following completion of the verification
process. Promptly after such announcement, the depositary will issue
payment for the shares validly tendered and accepted under the joint tender
offer and will return all other shares tendered.
About MGM MIRAGE
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in four other properties
in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major
casino and non-casino resorts, separately and with partners in Las Vegas,
Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E. MGM
MIRAGE supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its properties. MGM
MIRAGE has received numerous awards and recognitions for its
industry-leading Diversity Initiative and its community philanthropy
programs. For more information about MGM MIRAGE, please visit the company's
website at http://www.mgmmirage.com.
About Dubai World
Dubai World is a major investment holding company which wholly owns or
has substantial interest in a portfolio of businesses that includes DP
World, Jafza, Nakheel, Dubai Drydocks, Maritime City, Istithmar, Kerzner,
One & Only, Atlantis, Barney's, Island Global Yachting, Limitless, Inchcape
Shipping Services, Tejari, Technopark and Tamweel. The Dubai World Group
has more than 50,000 employees in over 100 cities around the globe.
Dubai World's iconic real estate projects include the Nakheel's Palm
developments and The World. The group also has extensive real estate
investments in the US, the UK and South Africa, unique hospitality
destinations in every corner of the world, and is a leading global port
operator. In the last five years, Dubai World has developed 80,000 luxury
residential villas and apartments and approximately three million square
feet of retail space.
Forward-Looking Statement
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 MIRAGE
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Related links:
http://www.mgmmirage.com
CONTACT:
Investors, Dan D'Arrigo, EVP & Chief
Financial Officer, +1-702-693-8895, or Media, Alan M. Feldman,
Senior Vice President of Public Affairs, +1-702-650-6947,
afeldman@mirage.com, both of MGM MIRAGE
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