AcquisitionsJun 1, 2026, 09:47 AM
People Inc. Offers $48.30/Share to Acquire Remaining MGM Resorts Stake
AI Summary
People Incorporated, previously IAC, has submitted a non-binding proposal to the Board of Directors of MGM Resorts International to acquire all outstanding shares of MGM that it does not already own for $48.30 per share in cash. This offer represents a 24.1% premium to MGM's 30-day volume-weighted average price. People Incorporated, which currently holds a 26.1% stake in MGM, expects to fund the transaction through a combination of existing cash and additional debt and equity, aiming to control the business with just over 50.1% equity ownership.
Key Highlights
- People Incorporated proposes to acquire all outstanding shares of MGM Resorts International not already owned by it for $48.30 per share in cash.
- The offer represents a 24.1% premium to MGM's volume-weighted average price for the 30 trading days ending May 29, 2026.
- The proposal also offers a 10.6% premium to MGM's most recent closing price.
- People Incorporated currently owns 26.1% of MGM's outstanding common stock.
- The transaction is expected to be funded by existing cash and additional debt and equity commitments.
- People Incorporated anticipates owning just over 50.1% of MGM's equity post-acquisition, gaining control of the business.
- The proposal is non-binding and subject to customary conditions, including due diligence and regulatory approvals.