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Media mogul Barry Diller's People offers to buy MGM Resorts for over $18 billion
The company already owns 26.1% of MGM and Diller would recuse himself from any board vote, CNBC reported.
- On Monday, billionaire Barry Diller's People Inc. announced a proposed $48.30-per-share cash bid for MGM Resorts, valuing the casino giant at more than $18 billion.
- People Inc. already holds a 26.1% stake in the casino operator, with Diller describing the company as "wildly undervalued" in an April letter to shareholders.
- MGM Resorts shares spiked 15% on the news, which follows last week's $17.6 billion takeover of Caesars Entertainment by hospitality billionaire Tilman Fertitta.
- Diller, who holds a seat on the MGM Resorts board, will recuse himself from any vote on the potential acquisition, according to CNBC's Andrew Ross Sorkin.
- Diller has been accumulating MGM stock since 2020, calling the company a "perfect hedge in a world that is changing so unpredictively fast.
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Barry Diller’s People Inc. Makes $18 Billion Bid for MGM Resorts
Barry Diller’s People Inc., the largest shareholder of MGM Resorts, has made an all-cash offer to buy the rest of the casino and hotel operator. People Inc., which holds roughly a 26 percent stake in MGM, offered $48.30 per share for the shares it does not already own—about a 10.6 percent premium to MGM’s prior closing price, the company said on June 1. The proposal implies an equity value of roughly $12.4 billion and an enterprise value of abou…
·New York, United States
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Coverage Details
Total News Sources44
Leaning Left6Leaning Right6Center16Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 22%
C 57%
R 21%
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