MGM to acquire 10 million shares from Kerkorian holding companyCDC Gaming Reports · September 12, 2017 at 11:14 amMGM Resorts International said Tuesday it would acquire 10 million shares of its stock from Tracinda Corp., the holding company of the casino giant’s late founder, Kirk Kerkorian.The transaction, valued at $327.5 million, will leave Tracinda with approximately 47.1 million shares of MGM stock, or an approximately 8.3 percent stake in the company.Kerkorian, who died in 2015 at the age of 98, once held a controlling interest in MGM and its predecessor companies. He began reducing his stake nearly a decade ago. Upon his passing, Tracinda said it would eventually divest itself of MGM’s stock.The stock will be purchased at $32.75 per share, a 1 percent discount from Monday’s closing price on the New York Stock Exchange. The transaction is expected to close Wednesday.MGM Resorts Chairman Jim Murren said the stock will be bought at an “attractive” price.“This transaction remains consistent with our stated long-term strategy of utilizing our cash to maximize value for our shareholders while maintaining a strong financial position,” Murren said in a statement.MGM recently announced a $1 billion stock repurchase program, of which $672.5 million will remain following the Tracinda transaction. MGM Resorts is selling sell the real estate assets associated with the MGM National Harbor in Maryland to its real estate investment trust. The deal is expected to close later this year.Macquarie Securities gaming analyst Chad Beynon said the stock transaction was “a positive catalyst” for MGM Resorts. Beynon said the company is expected to report a strong August, fueled by business surrounding the Floyd Mayweather-Conner McGregor fight, which was held at the company’s T-Mobile Arena.“We are bullish on Vegas given new arenas, airline trends, convention outlook and the expansion of the LV convention center,” Beynon said in an investor note.As of August, there was approximately 575.2 million shares of the MGM’s stock outstanding.