MGM Mirage forms transactions committee in response to Tracinda announcement

By Lisa Kerner

Charlotte, N.C., May 23 - MGM Mirage's board of directors formed a transactions committee of non-management, independent directors in response to Tracinda Corp.'s announcement that it plans to negotiate with the company for the Bellagio Hotel and Casino and City Center properties.

Tracinda also wants to pursue strategic alternatives with respect to its investment in MGM Mirage, a company news release stated.

A Los Angeles-based private investment company owned by Kirk Kerkorian, Tracinda beneficially owns 158,837,330 shares, or 56%, of the Las Vegas-based hotel and gaming company, according to a schedule 13D filing with the Securities and Exchange Commission.

MGM Mirage said it would review Tracinda's filing at its annual meeting on May 22 and will respond in "due course."

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