Kerkorian will form another public company.

Financier Kirk Kerkorian announced that public shareholders of MGM Grand Hotels, which has been sold to Bally Manufacturing, will be offered an opportunity to buy stock in the corporation to be formed by him or his wholly owned Tracinda Corp. The new company will own rights to use the MGM hotel-casino firm’s name and logos. Kerkorian, who owns about 70% of MGM Grand, said the new company also “is expected to be involved in the future development of hotels, casinos and other activities.”