MGM Resorts International is recommending that its shareholders reject TRC Capital Corp.'s unsolicited mini-tender offer for up to 3 million shares of MGM Resorts common stock.
TRC Capital is offering to buy the shares, which represent about 0.52% of MGM Resorts' outstanding common stock, at $29.50 per share in cash. MGM Resorts said the offer price is 4.25% lower than its closing common stock price per share on Oct. 6, the last trading day before the offer was launched.
The offer is set to expire at 12:01 a.m. ET on Nov. 7, unless extended by TRC Capital.