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MGM Resorts recommends against TRC Capital's mini-tender offer

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MGM Resorts recommends against TRC Capital's mini-tender offer

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.