Tix Corp. is in talks with MGM Resorts International to sell off its outstanding shares to the global hospitality company.
The Studio City-based discount ticket seller for shows, dinners and other activities in Las Vegas issued an update for shareholders on Thursday, saying it was interested in continuing a dialogue with MGM Resorts.
“There is no assurance that the current discussions will result in any transaction,” the company said in its update. “The company has always been open to any transaction that maximizes value for all shareholders.”
On Wednesday, Bandera Partners LLC, which has a 15 percent stake in Tix, sent a letter to the board of directors encouraging it to pursue the deal.
“We believe it is incumbent upon the company’s board of directors to fully and fairly explore a potential sale of the company to MGM,” Jeff Gramm, portfolio manager at Bandera, wrote in the letter. “To that end, we call upon the board to immediately engage in discussions with MGM regarding a possible transaction.”
Shares in Tix (TIXC) closed up 7 cents, or 18.9 percent, to 44 cents on the over-the-counter market.