MGM Mirage buys Wembley for £270m cash - 2004-01-28
The fate of the diminishing gaming group Wembley was sealed yesterday when it consented to a £270m bid from MGM Mirage, one of the world's largest casino groups.
The deal was the first stroke of luck Wembley's shareholders have had since the company became embroiled in a multimillion dollar bribery investigation in the US last year.
MGM is paying 750p per share for Wembley in a move that catapults the Las Vegas-based heavyweight into a prominent position in the UK gaming market overnight. Wembley's shares, which collapsed to 415p at its nadir last autumn, surged 140p to 752.5p.
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