Kerkorian increases stake in MGM Mirage

Billionaire investor Kirk Kerkorian said he would purchase an additional 444,573 shares of MGM Mirage, less than 3% of the original 15 million shares he sought through a tender offer.

Kerkorian, through his Beverly Hills-based Tracinda Corp. investment company, will buy the shares for $55 each, or $24.5 million, increasing his stake in the world’s second-largest casino company to 55.9%.

Kerkorian now has a stake worth $9.07 billion based on Thursday’s closing price of $57.10, an increase of $1.37 billion since Nov. 21, the day before he announced his tender offer.