Billionaire investor Kirk Kerkorian's purchase of 14.3 million newly issued shares in MGM Mirage was not enough to maintain his controlling interest in the casino company.
Kerkorian announced the nearly $100 million purchase in a regulatory filing on Tuesday that also said he now owns more than 163 million shares.
MGM Mirage said Tuesday that it issued 164.5 million new shares in all, netting $1.1 billion as part of a plan it announced last week to raise $2.5 billion in new capital.
That takes Kerkorian's stake in the company from nearly 54 percent to just under 39 percent.
The Las Vegas-based casino operator originally said it would issue 81 million new shares under the plan, with Kerkorian buying 8.1 million.
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