Barry Diller’s People Inc. prepares takeover offer for casino giant MGM Resortsa deal that would value it at more than $18 billion, CNBC’s Andrew Ross Sorkin reported Monday.
The proposal has not yet been finalized, although the company is considering an offer of $48.30 per share in cash, Sorkin reported. MGM is the company behind major Las Vegas properties including Bellagio and Aria.
MGM stock was up about 14% Monday in premarket trading. Shares of Diller’s company rose 4% premarket.
Diller already serves on the board of MGM Resorts and would recuse himself from any board votes on a potential deal, Sorkin reported.
People Inc., formerly known as IAC, owns an approximately 26.1% stake in MGM. The offer could take place as early as Monday.