People Incorporated offers $48.30 cash per share for MGM Resorts, sparking casino sector M&A speculation.
MGM Resorts International shares jumped after People Incorporated, led by Barry Diller and backed by IAC, proposed a $48.30 per share cash offer for all outstanding shares it does not already own. The bid is non-binding and subject to board approval.
MGM’s stock had closed at $42.10 the prior session, putting the offer at a 15% premium. The casino sector has seen limited M&A activity in recent quarters, with valuations pressured by post-pandemic recovery volatility.
Other gaming stocks, including Caesars Entertainment and Wynn Resorts, rose in sympathy as traders weighed potential consolidation.