Barry Diller's People Inc. Plans $18 Billion Bid for MGM Resorts
Barry Diller's People to put in $18 billion bid for casino giant MGM Resorts
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Barry Diller's People Inc. is preparing an $18 billion bid for MGM Resorts, offering $48.30 per share. The deal, which values MGM significantly, would be finalized soon. Diller, who holds a board position at MGM, will recuse himself from voting on the deal.
- 01People Inc. is planning to bid $18 billion for MGM Resorts.
- 02The proposed offer is $48.30 per share in cash.
- 03MGM Resorts owns major Las Vegas properties including Bellagio and Aria.
- 04Barry Diller holds a 26.1% stake in MGM and is on its board.
- 05MGM's stock rose approximately 14% in premarket trading following the news.
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Barry Diller's People Inc. is reportedly preparing to make a bid exceeding $18 billion for MGM Resorts, with a cash offer of $48.30 per share. This potential acquisition would significantly value MGM, which operates notable Las Vegas properties such as the Bellagio and Aria. Although the bid has not been finalized, it is expected to be submitted soon. Following this announcement, MGM's stock increased by about 14% in premarket trading, while shares of People Inc. rose by 4%. Diller, who is already a board member of MGM, will recuse himself from any decisions related to this deal due to his position.
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The potential acquisition could reshape the competitive landscape of the casino industry in Las Vegas, impacting local employment and tourism.
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