Finance History|11 Wall Street — MIR Stopped for Twenty-One Dollars Cash
· 2000-5
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Finance History|11 Wall Street — MIR Stopped for Twenty-One Dollars Cash
kevin
People treat MGM Resorts as a Paradise Strip house that always printed MGM after a finished New York book.
The May 2000 acquirer was MGM Grand, Inc., already listed here under MGG.
A 24 March 2000 Form S-3 said the common traded on this exchange under those three letters and had closed at 21.00 U.S. dollars in 2000 dollars on 23 March.
On 6 March 2000 the two boards announced a cash merger in which Mirage Resorts shareholders would receive 21.00 U.S. dollars a share in 2000 dollars, about 4.4 billion U.S. dollars of equity value plus about 2.0 billion of assumed Mirage debt.
Mirage shareholders approved the deal at Bellagio. Period accounts date the combination to 31 May 2000.
MIR stopped. MGG stayed open as the surviving book.
Later in 2000 the holding company took the MGM Mirage name and the tape letters became MGM. On 15 June 2010 shareholders approved a further name change to MGM Resorts International. The MGM book stayed open.
The mechanism is a cash takeout that closed one casino book and left the acquirer's listing to carry the combined house under new letters.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that absorbed MIR and later printed MGM.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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