Barry Diller-backed proposal highlights confidence in MGM’s long-term asset value and growth potential
Barry Diller’s People Inc. has made a proposal to acquire MGM Resorts International (MGM) for $48.30 per share in cash, a move that underscores growing confidence in the casino giant’s long-term value. MGM operates some of Las Vegas’ most recognizable properties, including the Bellagio and Aria resorts.
The announcement was met positively by investors, with MGM shares rising approximately 11% in early trading, while People Inc. shares gained around 2%. People Inc., formerly known as IAC, already owns a 26.1% stake in MGM and has been one of the company’s largest shareholders for nearly six years.
Diller, who currently serves on MGM’s board, stated he would recuse himself from any board deliberations regarding the proposal. He emphasized MGM’s unique combination of irreplaceable real-world assets and expanding digital opportunities, arguing that the market continues to undervalue the company’s strength and durability.
The proposed acquisition could mark a significant new chapter in MGM’s growth strategy.
