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From Times Staff and Wire Reports
MGM Grand Sells Shares: The Las Vegas casino developer and owner of MGM Grand Air said it raised $200 million through a stock rights offering at $12 a share. Existing MGM stockholders bought 8,870,941 shares, of which 8,333,334 were bought by Tracinda Corp., the Kirk Kerkorian-led investment firm that already was MGM Grand’s major stockholder. New investors bought 7,150,000 shares. The stock was sold through brokerage Bear, Stearns & Co. MGM closed at $12.125 on the New York Stock Exchange.
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