File photo of the strip on Las Vegas Boulevard in Las Vegas, Nev. Robert Mora/Getty Images
Barry Diller’s People Inc., the largest shareholder of MGM Resorts, has made an all-cash offer to buy the rest of the casino and hotel operator.
People Inc., which holds roughly a 26 percent stake in MGM, offered $48.30 per share for the shares it does not already own—about a 10.6 percent premium to MGM’s prior closing price, the company said on June 1. The proposal implies an equity value of roughly $12.4 billion and an enterprise value of about $18 billion with MGM’s debt included.
