Barry Diller's People Inc. Bids $18B to Take MGM Resorts Private
Barry Diller's People Inc. has submitted a nonbinding proposal to acquire the 73.9% of MGM Resorts it does not already own for $48.30 per share in cash, valuing the deal at approximately $18 billion. The bid aims to take the casino and entertainment giant private. MGM Resorts is a major Las Vegas operator and owner of properties including Bellagio, Mandalay Bay, and The Mirage. The proposal underscores Diller's continued influence in the hospitality and gaming sectors. The offer price represents a premium over MGM's recent trading levels. The deal is subject to due diligence and financing.
Key facts
- People Inc. submitted a nonbinding proposal to buy MGM Resorts.
- People Inc. currently owns 26.1% of MGM Resorts.
- The offer is $48.30 per share in cash.
- The deal is valued at about $18 billion.
- MGM Resorts operates major Las Vegas casinos and resorts.
- Barry Diller is the chairman of People Inc.
Entities
Institutions
- People Inc.
- MGM Resorts
Locations
- Las Vegas
- United States
Sources
- Quartz —