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June 09, 2004MGM Makes Bid for Mandaly Bay GroupMGM Mirage's offer to buy rival Mandalay Resort Group might have caught everyone by surprise, but it shouldn't disappoint shareholders and the gaming industry, Wall Street analysts and insiders said this weekend. MGM Mirage late Friday offered to purchase Mandalay Resort for $68 per share in a cash transaction, the value of which would be about $7.65 billion, including the assumption of $2.8 billion in debt. "I'm starting to feel more comfortable with the transaction. A compelling case can be made there won't be concentration or pricing issues," Deutsche Bank analyst Marc Falcone said. The combined company would control 22,000 slots on the Strip, 40 percent of the total 55,800 slots. It would also control 1,120 table games, or 44 percent of the 2,571 total, and 36,562 rooms, or 49 percent out of Deutsche Bank's estimate of 74,000 rooms on the Strip. Read more from Las Vegas Review Journal |
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