LAS VEGAS (KTNV) — People Incorporated has submitted a propsoal to acquire all outstanding shares of MGM Resorts International, according to multiple media reports.
People Incorporated already owned 21.6% of the stock of MGM ahead of this offer and values the buyout deal at $18 billion.
"We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities. That conviction has only strengthened over time," said Barry Diller, Chairman and Senior Executive, People Incorporated. "We continue to believe the market materially undervalues the power and durability of MGM's assets. We believe MGM's management team is superb, and that there is a compelling opportunity to support MGM's next phase of growth and help unlock its full value."
This is a developing report.
