MGM Mirage transactions committee selects advisers

By Jennifer Chiou

New York, May 25 - MGM Mirage said that the transactions committee of its board of directors has chosen UBS Investment Bank as its financial adviser and Weil, Gotshal & Manges LLP as its legal advisor linked to Tracinda Corp.'s expressed desire to purchase the Bellagio Hotel and Casino and City Center properties.

The committee was formed on May 22 to consider the amended Schedule 13D filed by Tracinda and strategic alternatives available to MGM.

On Jan. 5, Tracinda increased its stake in MGM, after 444,573 shares of MGM common stock were tendered at $55 per share. Its ownership of MGM increased to 55.9% from 55.8%, or about 159 million shares.

The Las Vegas-based gaming company also said it entered into an agreement to sell its Colorado Belle and Edgewater properties located in Laughlin, Nev.

Tracinda is a private investment company based in Los Angeles.

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