Kerkorian buys 14.3 million MGM Mirage shares, but stake falls

Kirk Kerkorian has purchased 14.3 million shares of MGM Mirage at $7 a share, but, has actually seen his majority stake in the company shrink, due to the issuing of new shares by the casino operator.

Kerkorian spent just under $100 million on purchase. He now owns 163.1 million shares of the company.

MGM Mirage, however issued 164.5 million new shares in an equity offering, which brought in $1 billion for the company.

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The new issuing dilutes Kerkorian's stake from about 54 percent to about 42 percent.

Kerkorian's investment vehicle is Tracinda Corp., which is based in Beverly Hills.