MGM Mirage Forms Committee to Study Kerkorian Announcement

MGM Mirage formed a committee of independent directors to study options after billionaire Kirk Kerkorian said he was considering alternatives for his 56 percent stake in the world's second-biggest casino company.

The committee will be made up of board members who aren't part of management or affiliated with Kerkorian's Tracinda Corp., Las Vegas-based MGM said in a statement on PR Newswire today.

Tracinda said May 21 it intends to negotiate the purchase of two Las Vegas properties, the Bellagio Hotel & Casino and the CityCenter complex, which is under construction. Tracinda also is studying options including a ``financial restructuring'' for the rest of the company.
Source : http://www.bloomberg.com