MGM soars on report of over $18 bln takeover bid from Barry Diller's People
01/06/2026 13:27
BUZZ-MGM soars on report of over $18 bln takeover bid from Barry Diller's People ** Shares of casino operator MGM Resorts International MGM.N jump 13.9% in premarket trading
** Barry Diller's People Inc IAC.O is preparing an offer to buy co, in a deal that values it at more than $18 billion, NYT DealBook reports
** The reported bid of $48.30 marks a 10.6% premium to MGM's last close
** People already owns a 26.1% stake in MGM, according to data compiled by LSEG
** The companies did not immediately respond to Reuters requests for comment
** People's shares rose 2.5% premarket
** Formerly known as IAC, the digital media conglomerate said in April it was rebranding as People
** The rebrand is expected to be completed by August
(Reporting by Niket Nishant in Bengaluru)