MGM Resorts will issue up to 47.14 million shares, which at the offer price of $12.65 would bring in proceeds of around $596 million, minus fees. At the same time, Kirk Kerkorian, MGM Resorts' largest shareholder, will sell up to 32 million shares reducing his stake in the company to 27%. Kerkorian's reduced stake is an about-face because he made a tender offer of $55 per share to buy 15 million shares three years ago. I don't see his loss of confidence in the company as a good sign for MGM Resorts.