Barry Diller’s conglomerate bids to acquire remaining 73.9% of MGM, valuing the company at $12.4 billion plus debt.
Barry Diller’s People Inc has proposed a $18 billion bid to acquire the 73.9% stake in MGM Resorts International it does not already own. The deal values the casino operator at approximately $12.4 billion, or $18 billion including debt.
MGM’s market capitalization stood at roughly $10 billion prior to the bid. Shares surged nearly 15% following the announcement, reflecting investor optimism about the proposed transaction.
The offer underscores renewed interest in consolidating the gaming and hospitality sector amid recovering travel and leisure demand.