MGM Resorts International said Tuesday it will buy back 10 million of its shares from Tracinda Corp., the hotel and casino operator’s largest shareholder, at price of $32.75 a share. That price represents a 1.0% discount to Monday’s closing price of $33.08. The total amount spent is $327.5 million. After the buyback, Tracinda will own 47.1 million shares, or 8.3% of the shares outstanding, which would keep the investment company as MGM’s largest shareholder, according to FactSet data. “We believe today’s announcement represents a prudent and efficient way of buying back a considerable amount of our stock at an attractive price,” said MGM Resorts Chief Executive Jim Murren. The stock, which tacked on 0.4% in premarket trade, has climbed 4.7% over the past three months through Monday, while the S&P 500 has gained 2.4%.
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