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Ixnay The Andalay Aybay Ealday

By Chuckmonster on Saturday, 12th June 2004 11:19am
  » filed under Las Vegas  comments: 0

   

Mandalay Resort Group on Friday rejected MGM Mirage Inc.'s $4.85 billion cash buyout offer that would have created the largest casino company in the world, saying the $68 per share bid was insufficient.

"The terms of the MGM Mirage proposal asked Mandalay shareholders to bear a far disproportionate share of the risk. It is not in the best interest of Mandalay shareholders," Glenn Schaeffer, president and chief financial officer of Mandalay Resort Group, said in a statement.

A week of intense negotiations stalled a day earlier when MGM Mirage declined to raise its offer, but a source close the negotiations said the "deal killer" was an early morning e-mail sent Friday to Mandalay from MGM Mirage requesting a 15-month option to pull out of the deal.



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