MGM MIRAGE Offers to Buy Mandalay Resort Group in $7.65 Billion Transaction

June 04, 2004
PRNewswire-FirstCall
LAS VEGAS

MGM MIRAGE (NYSE: MGG) today announced that it has offered to purchase Mandalay Resort Group (NYSE: MBG) for $68 per share in a cash transaction, the value of which would be approximately $7.65 billion, which includes the assumption of some $2.8 billion in debt.

"The combination of these two great companies would provide Mandalay shareholders with a premium price for their shares as well as providing several strategic benefits to shareholders in MGM MIRAGE," said Terry Lanni, Chairman of the Board and CEO of MGM MIRAGE.

The $68 per share MGM MIRAGE offer would provide Mandalay shareholders with a 12.8% premium over today's closing share price of $60.27.

SOURCE: MGM MIRAGE

CONTACT: media, Alan Feldman, Sr. VP Public Affairs, +1-702-891-7147, or
investment community, Jim Murren, President & CFO, +1-702-693-8877, both of
MGM Mirage