People Incorporated, formerly IAC, said it wants to buy the rest of MGM Resorts International for $48.30 a share in cash, valuing the deal at a 24.1% premium to MGM’s 30-trading-day volume-weighted average price through May 29, 2026, and more than 30% above the 90-day average. The offer is also 10.6% above MGM’s most recent closing price.
People Incorporated already owns 26.1% of MGM’s outstanding common stock. Under the proposal, it would acquire the shares it does not already own and expects to end up with just over 50.1% of the equity, leaving other investors with minority stakes. The company said it would control the business after closing.
The buyer said the transaction would be funded with a mix of cash on hand at both People Incorporated and MGM, plus additional debt and equity commitments. It said the deal would not depend on financing and that it expects to move quickly through due diligence and definitive agreement talks.
Barry Diller said the company began investing in MGM nearly six years ago, in 2020, and argued that MGM’s assets and digital growth opportunities are still undervalued by the public market. He said MGM shareholders would get immediate cash and a chance to de-risk their investment.
People Incorporated said MGM’s current management team would likely continue to run the business after the deal, and that the proposal would be subject to limited competition approvals and gaming regulatory approvals. As a result of these announcements, the company's shares have moved -1.76% on the market, and are now trading at a price of $44.10. Check out the company's full 8-K submission here.
