With yet another round of sales complete, Tracinda now owns 31,173,744 shares of MGM, or 6.57 percent of the entire company.<\/p>\n
When shareholders wish to sell a stock, they must find a buyer. Brokerage firms carry out these transactions simultaneously for investors, but when a large firm like Tracinda wants to sell a substantial stake, it’s more difficult to find a suitor.<\/p>\n
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That’s where the one percent comes in, as the discount is an incentive to UBS to accept the deal. Traded on the New York Stock Exchange, MGM closed at $34.24 on December 4, but Tracinda sold the 10 million shares to UBS at $33.89 each.<\/p>\n<\/div>\n
The 35-cent discount equates to savings of $3.5 million.<\/p>\n
MGM is enjoying yet another profitable year, with net revenues up 18 percent in the third quarter. The company is also winding down its $7 billion development cycle.<\/p>\n
But ongoing litigation against MGM for its alleged role in the Las Vegas shooting keeps an element of risk lingering around the organization.<\/p>\n","protected":false},"excerpt":{"rendered":"
UBS Securities has acquired 10 million shares of MGM Resorts International from the Tracinda Corporation, a private investment trust that was set up by Las Vegas pioneer Kirk Kerkorian before his 2015 death. Tracinda is selling the MGM Resorts stake to UBS for $338.8 million, which represents a one percent discount compared to the company’s […]<\/p>\n","protected":false},"author":42,"featured_media":64903,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
UBS Buys 10 Million MGM Resorts Shares From Kirk Kerkorian's Estate<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n