Barry Diller’s People Inc. Offers $48.30 Per Share to Acquire MGM Resorts, Citing Undervalued Assets
Barry Diller’s People Inc., formerly known as IAC, has submitted a cash offer to acquire MGM Resorts International at $48.30 per share, representing an $18 billion bid for the casino operator. MGM shares rose approximately 11% in early trading Monday, while shares of People Inc. gained 2%.
Bid Details and Board Recusal
Diller, who currently serves on the MGM Resorts board, stated in a letter to the company’s board of directors that he would recuse himself from all board actions related to the proposed transaction. People Inc. already holds a roughly 26.1% stake in MGM. The offer values the company behind major Las Vegas properties including Bellagio and Aria at $18 billion.
Diller’s Rationale for the Offer
“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities,” Diller, chairman of People Inc., said in a news release. “We continue to believe the market materially undervalues the power and durability of MGM’s assets,” he added. “We believe MGM’s management team is superb, and that there is a compelling opportunity to support MGM’s next phase of growth and help unlock its full value.”
Market Context
CNBC’s Andrew Ross Sorkin previously reported that an offer could come as early as Monday. As of June 01, 2026:
- USD: 71.02 RUB (change: -0.35)
- EUR: 82.64 RUB (change: -1.05)
- BTC: $71,377 (24h: -3.2%)
- Oil: ~$72 per barrel (estimated)