People Inc. Plans $18 Billion MGM Resorts Bid at $48.30 a Share
Updated
Updated · The New York Times · Jun 1
People Inc. Plans $18 Billion MGM Resorts Bid at $48.30 a Share
6 articles · Updated · The New York Times · Jun 1
$48.30 a share is the price People Inc. is preparing to offer in cash for the 73.9% of MGM Resorts it does not already own, valuing the casino operator at more than $18 billion.
The proposed bid is still being finalized and could be delayed or abandoned, making the approach preliminary despite DealBook's report of active preparations.
A 10.6% premium to MGM's Friday close and roughly 30% above its 90-day volume-weighted average price suggest Barry Diller is pitching the deal as a meaningful step-up for shareholders.
For Diller, the MGM move would mark another strategic pivot after reshaping the company formerly known as IAC.
Is Barry Diller’s $18B bet a brilliant hedge against AI or a colossal blunder for People Inc.?
With profits squeezed despite record revenue, should MGM's board accept this takeover or fight for more?
Will this takeover spark a new wave of mergers between tech giants and physical entertainment empires?