Published:
November 26, 2008 04:29 pm EST
The Wednesday NASDAQ trading session saw shares in the Magna Entertainment Corporation blast off amid talk of the financially-troubled racetrack operator becoming an independent business, breaking away from MI Developments Inc.
“This reorganization proposal will deliver significant value to shareholders and better align the interests of all MID shareholders,” MI Developments chief executive officer Dennis Mills said via statement.
If a deal is struck, the terms would see the recapitalization of Magna Entertainment, sever itself from MI Developments Inc. and be controlled by the investment firm Stronach Group, owned by Frank Stronach.
Click here to read a bloomberg.com article on the happening.
(With files from bloomberg.com)
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