00:00It's Benzinga bringing Wall Street to Main Street. People Inc, formerly known as IAC,
00:05submitted a non-binding proposal Monday to acquire the remaining stake in MGM resorts
00:10it does not already own, according to the Wall Street Journal. People chairman Barry Diller
00:15offered $48.30 a share in cash, which would value MGM at around $12.4 billion,
00:22or $18 billion, including debt. People Inc currently holds 26.1% of MGM,
00:30a stake worth about $2.9 billion. Diller said he plans to fund the deal using cash on hand at
00:36both
00:36companies, along with additional debt and equity commitments. Under the deal, People Inc would
00:42control just over 50.1% of MGM's equity, taking the casino company private. Diller cited MGM's real
00:50world assets and digital growth potential as reasons for the bid. For all things money, visit Benzinga.com.
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