Barry Diller's People Inc. Proposes $18 Billion Acquisition of MGM Resorts
By
Jill Goldsmith
Lightly browned and well buttered. A solid pick from the rack.
Summary
Barry Diller's People Inc. (formerly IAC) has submitted a non-binding proposal to acquire the remaining shares of MGM Resorts International it doesn't already own, offering $48.30 per share in cash and valuing the casino giant at $18 billion. People Inc. already holds a 26% stake in MGM. The proposal aims to take the publicly-traded company private, with the belief that MGM's assets are not reaching their full potential in public markets.
Key quotes
· 1 pulledWe believe that MGM's assets and businesses are not currently realizing their full potential in the public markets and that it will be difficult to correct
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