People Inc. offers $48.30 per share for MGM Resorts
MGM Resorts International stock jumped 14% in early trading after receiving a bid from People Inc. to take over the company for $18 billion, including debt.
The bid represents a 24% premium to the average price of MGM’s stock over the past 30 days.
People Inc. already owns a 26.1% stake in MGM and aims to acquire the remaining outstanding shares for $48.30 per share in cash.