People Incorporated launches $48.30-per-share cash bid to privatize MGM Resorts
People Incorporated, formerly IAC, has made a non-binding all-cash proposal to acquire MGM Resorts International for $48.30 per share of MGM stock not already owned, representing a premium to recent trading levels. With about 26.1% of MGM currently held, People Incorporated would own just over 50% post-close and take MGM private, financing the deal with existing cash plus debt and new equity commitments. The proposal is subject to definitive documentation, due diligence, and regulatory approvals, and MGM's board would need to consider it under Delaware procedures; management continuity is anticipated.