MGM Grand starts offering of common stock buyback rights.MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. Grand starts offering of common stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. rights MGM Grand Inc. said its registration statement covering rights to purchase its common stock went into effect and the rights offering has started. Stockholders of record on July 16 will be able to purchase one share of common stock at the subscription price of $12 a share. The rights will be traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol MGMRT and will expire on Aug. 7. The company's major stockholder, Beverly Hills-based Tracinda Corp., has agreed to purchase $100 million of common stock. MGM Grand also said last week it was unable to find a bidder for its Desert Inn hotel-casino in Las Vegas. The company also operates MGM Grand Air, the luxury airline that operates scheduled service between New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Los Angeles, as well as charter flights. |
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