Following last week's news that Fertitta Entertainment plans to acquire Caesars Entertainment for $17.6 billion, in an all-cash transaction, media mogul Barry Diller’s People Inc. has reportedly offered to buy MGM Resorts International, valuing the casino company at more than $18 billion.
According to the Las Vegas Review-Journal, the proposed transaction, which includes assuming MGM’s debt, would pay shareholders about $12.4 billion for their stock. People Inc., formerly known as IAC, is MGM Resorts’ largest shareholder with a 26.1 percent stake.
MGM is the largest casino operator on the Strip. Caesars is the second largest casino operator on the street.
In a statement, MGM confirmed that it received an offer from People Inc. to acquire all of the outstanding shares of the company that it does not already own. MGM's board of directors, in consultation with its financial and legal advisors, will “carefully review and consider the proposal” to determine next steps, the statement continued, emphasizing that there was no guarantee an agreement would be reached or that a transaction would take place.