Corvex Funds Boost MGM Position 32.6% With About $51.7 Million in Purchases

Private investment funds advised by Corvex Management LP bought about $51.7 million of MGM Resorts International (MGM) shares after its third-quarter results, increasing their reported indirect position in the casino operator by 32.6%. MGM director Keith A. Meister disclosed purchases totaling 1,745,592 shares on Oct. 30 and Nov. 2 in a Nov. 3 filing. The reported position rose from 5,347,978 to 7,093,570 shares. Because the reported weighted average prices are rounded, the $51.7 million total is an estimate. The Oct. 30 entries cover 233,998 shares at a weighted average of $28.92 and 1,504,076 shares at $29.75. A Nov. 2 entry covers another 7,518 shares at a weighted average of $30.24. Each entry includes multiple transactions. Meister is Corvex’s managing partner and chief investment officer.

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