In a move that should allow the MGM Board to behave more in line with company interests, MGM is taking advantage of its current profitability by choosing to buy back a considerable amount of its stock. The current plan is to repurchase 75 million dollars worth of stock back, but that number may adjust through time.
"The dividend distribution of the Rights will be payable on September 13, 2013 to stockholders of record as of the close of business on that date. The Rights will expire in three years, unless the Rights are earlier redeemed by the Company or the Company amends the rights agreement to accelerate the expiration date. The Rights distribution is not taxable to U.S. stockholders."