People Inc., formerly known as IAC, is planning to offer $48.30 per share in cash for MGM Resorts, which owns prominent Las Vegas properties such as the Bellagio and Aria. This potential acquisition, reported by CNBC's Andrew Ross Sorkin, has not yet been finalized but could be announced as soon as Monday.
Following the news, MGM's stock rose approximately 14% in premarket trading, while shares of People Inc. increased by 4%. Diller, who holds a 26.1% stake in MGM and is a board member, will recuse himself from any board decisions regarding the deal. This bid highlights the ongoing consolidation in the gaming industry and could reshape the competitive landscape if successful