Casino operator MGM Mirage on Monday said it raised its offer to buy Mandalay Resort Group to $71 a share from $68 a share, hoping to seal a deal that would build the world's largest casino empire.
The offer, which includes $600 million in convertible debentures and the assumption of about $2.5 billion in debt in addition to the $71 a share in cash, would immediately add to earnings per share, MGM said.
Mandalay on Friday had rejected MGM's $68 a share offer. The prior offer had also included the assumption of $2.8 billion in debt. In rejecting the bid, Mandalay had said MGM wanted it to shoulder the risk that regulators would not approve the deal.