MGM, Barry Diller
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People Inc. offers to acquire MGM Resorts for $48.30 a share in cash, valuing the casino operator at roughly $18 billion.
MGM Resorts International (NYSE:MGM) shares surged 10% on Monday after a report indicated that Barry Diller’s People Inc., formerly known as IAC, is preparing a takeover proposal that could value the casino and hospitality group at approximately $18 billion.
Less than a week after a multibillion-dollar deal for one of the country’s largest casino operators was announced, another gambling giant could soon be acquired. Billionaire media mogul Barry Diller’s People Inc.
People Incorporated, formerly IAC, has launched an $18bn (£13.4bn) bid to take control of gambling giant MGM Resorts International
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MGM buyout: The house doesn't always win
Key Points Interested in MGM Resorts International? Here are five stocks we like better. MGM Resorts International shares closed at $50.64, above People Inc.'s $48.30 all-cash offer, signaling market expectations of a higher bid.
Sands, MGM Resorts, Churchill and Rush Street Interactive have been highlighted in this Industry Outlook article.
MGM Resorts International remained in focus as hospitality trends, gaming operations, corporate disclosures, and market developments influenced activity across the NYSE Composite.