Barry Diller’s People Inc. submitted a non-binding proposal to acquire all remaining shares of MGM Resorts International. The offer proposes a cash payment of $48.30 per share to take the company private. This proposal values the casino operator at more than $18 billion.
People Inc., formerly known as IAC, currently maintains a 26.1% ownership stake in MGM. MGM Resorts is the largest tenant for VICI Properties, a real estate investment trust. The operator manages VICI-owned landmarks including the MGM Grand and Bellagio in Las Vegas.
The MGM board of directors confirmed it is currently reviewing the proposal.