Steve rejects the "friendly" MGM buy out. Here's an excerpt from the LV Review Journal. Link follows.

Mirage Resorts Inc. on Tuesday rejected MGM

Grand Inc.'s unsolicited $5.4 billion takeover bid, saying

the offer that MGM Grand called "friendly" was in fact

"opportunistic," but said there was room to negotiate.

Mirage also adopted a "share purchase rights plan"

giving current stockholders the right to buy newly issued

preferred stock in the event that an unsolicited bidder

buys 10 percent or more of Mirage's stock or starts a

tender offer that would give them 10 percent or more.

The rights plan, commonly known as a "poison pill"

defense, is meant to encourage potential buyers of the

company to negotiate with the board, Mirage said.