People Inc. launches bid for rest of MGM

On June 1, 2026, People Inc., led by Barry Diller, submitted a proposal to acquire the portion of MGM Resorts (MGM) it does not already own. The all-cash offer is priced at $48.30 per share and targets the remaining 73.9% of MGM’s outstanding stock.

The proposal values the casino operator at more than $18 billion. A Bloomberg report cited an enterprise value of about $18.8 billion when including assumed debt, underscoring the scale of the potential transaction.

People Inc. currently holds roughly a 26.1% stake in MGM Resorts. If the deal proceeds on the proposed terms, People Inc. expects to own just over 50.1% of MGM’s equity once the transaction is completed.

The offer is structured as a straightforward cash purchase for the outstanding shares. By focusing on the 73.9% of stock it does not already own, People Inc. aims to move from a significant minority shareholder to a controlling equity holder in MGM Resorts.

The indicated valuation of more than $18 billion, and the approximately $18.8 billion enterprise value including assumed debt cited in one report, frame the deal as a large-scale takeover in the casino and entertainment sector.

People Inc.’s expectation of ending up with just over 50.1% of MGM’s equity highlights the proposal’s objective of achieving majority control, while not necessarily purchasing 100% of the company’s shares.

MGM Resorts confirmed that it received People Inc.’s proposal and stated that its board of directors will review the offer. The company said the board will conduct this assessment in consultation with financial and legal advisers.

Barry Diller, who sits on MGM’s board through his role at People Inc., has said he will recuse himself from all board actions related to the proposed transaction. This step is intended to separate his board responsibilities from his position as leader of the bidding entity.

The companies have characterized the proposal as being under review, with further details and any potential next steps dependent on the board’s evaluation and on any ensuing negotiations between the parties.

Following the announcement of People Inc.’s offer, MGM Resorts’ shares rose sharply, gaining roughly 14–15%. The stock moved to trade above the $48.30 per-share offer price.

The share price reaction indicates that investors rapidly adjusted their expectations for MGM’s valuation in light of the proposed cash bid and the possibility of a change in the company’s ownership structure.

At this stage, the proposal remains subject to MGM’s board review, and no final agreement or transaction terms beyond the announced offer price and stake targets have been reported.