MI Developments set to spin off MEC under proposal


(In U.S. dollars unless noted) TORONTO, March 31 (Reuters) - MI Developments Inc said on Monday it has received a proposal to spin off its majority stake in struggling racetrack operator Magna Entertainment Corp and create a focused real estate investment vehicle that would distribute 80 percent of its available cash flow. The news sent shares of MI Developments up C$3.83, or 14.9 percent, to C$29.56 on the Toronto Stock Exchange. The proposal, which would see Magna Entertainment sold ...

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