Barry Diller’s People bids to buy casino giant
Barry Diller’s People Inc. offers to buy casino giant MGM Resorts $48.30 per share in cash.
MGM is the company behind major Las Vegas properties like Bellagio and Aria.
MGM shares closed up nearly 15% on Monday. Shares of Diller’s company closed up 1%.
Diller currently sits on MGM Resorts’ board of directors and has said he will recuse himself from board actions regarding the proposed deal. Letter to MGM board of directors.
People Inc., formerly known as IAC, owns approximately 26.1% of MGM.
“We began investing in MGM about six years ago because we believed it represented a rare breed of business: a business with real-world assets and extraordinary digital growth opportunities that AI cannot easily replicate or broker,” said Diller, People’s chairman. newsletter.
“We continue to believe that the market materially undervalues the strength and durability of MGM’s assets,” he said. “We believe MGM’s management team is excellent and there is a significant opportunity to support MGM’s next phase of growth and help unlock its full value.”
CNBC’s Andrew Ross Sorkin previously reported that a bid could come as soon as Monday.
