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.
44 Articles
44 Articles
Barry Diller’s People Inc submits offer to buy MGM Resorts, valuing company at US$18 billion
People Incorporated, the US media conglomerate owned by businessman Barry Diller and previously known as IAC, has submitted a non-binding proposal to acquire all outstanding shares of MGM Resorts International that it does not already own in a deal that would value the casino operator at around US$18 billion. People Inc currently owns 26.1% of MGM’s common stock. According to information released by the company overnight, the offer of US$48.30 p…
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…
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