MGM Resorts International (MGM:US) rose after Kirk Kerkorian’s Tracinda Corp. said it may boost its stake in the casino operator by more than a third to as much as 25 percent.
Tracinda, which currently owns 18.6 percent of MGM, made the disclosure with the Federal Trade Commission to comply with antitrust regulations, according to a securities filing yesterday.
“No decision has been made as to the number of shares which may be acquired,” investment company Tracinda said.
MGM advanced 6.8 percent to $13.25 at the close in New York, for the biggest gain since Dec. 6. The shares have gained 14 percent this year.
To contact the reporter on this story: Niamh Ring in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Kevin Miller at email@example.com