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MGM Resorts stock jumps as Barry Diller's People Inc. makes bid to take over the company
Key takeaways
- MGM Resorts stock jumps as Barry Diller's People Inc.
- What’s behind the move: People Inc., the media company run by billionaire Barry Diller, submitted a bid to take over MGM for $18 billion, including debt.
- "We continue to believe the market materially undervalues the power and durability of MGM s assets,” said Diller, People’s chairman.
MGM Resorts stock jumps as Barry Diller's People Inc. makes bid to take over the company Grace O'Donnell · Editor, Special Projects Mon, June 1, 2026 at 10:20 PM GMT+7 1 min read MGM What happened: MGM Resorts International (MGM) stock jumped 14% in early trading on Monday.
What’s behind the move: People Inc., the media company run by billionaire Barry Diller, submitted a bid to take over MGM for $18 billion, including debt.
People Inc. already owns a 26.1% stake in MGM, and it submitted a letter to the company to acquire the remaining outstanding shares of the resort and casino company for $48.30 per share in cash, representing a 24% premium to the average price of MGM’s stock over the past 30 days.
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Barry Diller’s People Inc. Plans a Takeover Bid for MGM Resorts
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Media mogul Barry Diller’s People offers to buy MGM Resorts for over $18bn
Forbes
Billionaire Barry Diller Wants MGM Resorts For $18B, Report Says
Financial Times
Barry Diller launches $18bn takeover offer for MGM Resorts
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