MGM bids seen offering little premium

Shares of Metro-Goldwyn-Mayer Inc. slid Thursday, as the price neared the reported value the company would get if it were acquired by Time Warner Inc. or a group led by Sony Corp.

The stock of the Los Angeles-based motion picture and television studio was at $11.01 in early trading, down $1.09, or 9 percent, on heavy volume on the New York Stock Exchange.

The shares hit a 52-week low of $8.72 on Sept. 2, 2003, and a high of $12.95 on April 27.

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Media and entertainment company Time Warner has changed its all-stock offer for MGM to a cash offer worth $4.5 billion to $4.6 billion, The Wall Street Journal reported in its Thursday edition, citing people familiar with the matter. That would still be under offer of Japanese giant Sony, which is shy of $5 billion.

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Based on MGM's outstanding share count of about 235.9 million shares and the assumption of $2 billion of debt, the Time Warner deal would value MGM at $10.50 to $11 a share. The Journal said Sony's bid was 50 cents to 75 cents higher than that.

On Wednesday, MGM said press reports valuing it as high as $5 billion are inaccurate. It said it "continues to consider strategic alternatives" but will not update investors on negotiations.