economy
Barry Diller's People Inc. Offers to Buy MGM Resorts, Valuing It at $18 Billion
Barry Diller's People Inc. is offering to buy the rest of MGM Resorts after acquiring a 26.1% stake in the Las Vegas casino and resort operator, valuing the business at more than $18 billion.
TL;DR
- Barry Diller's People Inc. is offering to buy the rest of MGM Resorts.
- The offer values MGM Resorts at more than $18 billion.
- People Inc. currently holds a 26.1% stake in MGM Resorts.
- The offer price is $48.30 per share in cash, a 10.6% premium.
- Diller believes MGM's real-world assets are attractive because AI cannot easily replicate them.
- If the deal proceeds, MGM Resorts would become a private company controlled by People Inc.