MGM Grand, Mirage agree to $6.4 billion merger

Monday, March 6, 2000 | 7:48 a.m.

Mirage Resorts Inc. and MGM Grand Inc. of Las Vegas said today they've agreed on a merger in which MGM will acquire Mirage for $21 per share in cash. That's up substantially from MGM Grand's initial $17 per share offer.

The equity portion of today's deal is worth $4.4 billion. MGM Grand is assuming $2 billion in Mirage debt, making the total value of the deal $6.4 billion.

There was no immediate word this morning on the future role of Mirage Resorts CEO and Chairman Steve Wynn in the combined company