Barry Diller Proposes 18 Billion Dollar MGM Buyout
People Inc has offered to acquire the remaining shares of MGM Resorts for 48.30 dollars per share in a deal valuing the casino operator at over 18 billion dollars. The cash bid represents a 10.6 percent premium and follows chairman Barry Diller's recent strategy to increase focus on the undervalued gaming company.
IAC INC proposed to acquire MGM RESORTS INTERNATIONAL on Monday in an all-cash deal valuing the casino operator at $18 billion. The $48.30 per share offer represents a 10.6% premium to the Friday closing price of $43.67. This takeover would consolidate Barry Diller's 26.1% stake and pivot his digital portfolio toward physical travel and tourism.
MGM shares rose 10% in premarket trading on Monday morning following the announcement. IAC shares gained 3% during the same period. Chairman Barry Diller previously told shareholders on April 28 that MGM stock was undervalued.
