People Inc. Makes $48.30-Per-Share Offer to Buy MGM Resorts
People Inc. proposed buying the remaining shares of MGM Resorts it does not already own. The all-cash offer values the casino operator at $18 billion.
ForbesPeople Inc. 30 per share in cash. The proposal values the entire company at $18 billion. People Inc. 1 percent stake in MGM Resorts.
The company began investing in MGM nearly six years ago. , sent a letter to the MGM board of directors outlining the offer. Diller also sits on the MGM Resorts board and stated he would recuse himself from any board actions related to the proposed deal.
MGM Resorts operates major Las Vegas properties including Bellagio and Aria. People Inc. was formerly known as IAC. Diller said the investment thesis rested on assets that cannot be easily replicated by AI and on digital growth opportunities that remain undervalued by the market.
"We continue to believe the market materially undervalues the power and durability of MGM's assets. " Shares of MGM Resorts rose roughly 11 percent in early trading on Monday.
Shares of People Inc. increased 2 percent after the announcement. The offer was announced on Monday. CNBC's Andrew Ross Sorkin previously reported an offer could come as early as Monday.
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