MGM-Mandalay Merger Delayed
The companies said they now expect to close the $7.90 billion deal by June 30, up to three months later than previously forecast.
The casino operators noted that last week's appointments of new members to the Illinois Gaming Board allow the state body to review the merger. Previously, the board had lacked sufficient members to conduct business since last August, and before the recent appointments, Mandalay was expected to put its Illinois casino in escrow, allowing the merger to proceed without the state's approval.
Shares of MGM Mirage were off $2.26, or 3%, at $73.Mandalay shares fell only 26 cents, or 0.4%, to $70.50. The stock has proved resilient, because holders will receive $71 a share in cash when the merger closes. Also Wednesday, the company's announced
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