MGM Resorts receives $48.30 per share acquisition offer from People

MGM Resorts International (NYSE: MGM) confirmed it received an acquisition proposal from People Incorporated, formerly known as IAC, to purchase all outstanding shares the company does not already own for $48.30 per share in cash.

The Las Vegas-based casino operator said its board of directors will review the proposal with financial and legal advisors to determine the best course of action for the company and shareholders. MGM Resorts advised shareholders that no action is required at this time.

The company stated it cannot provide assurances that the proposal or any subsequent offer will result in an agreement or completed transaction. MGM Resorts also noted it cannot guarantee the timing, price or other terms of any potential deal.

People Incorporated appears to already own shares in MGM Resorts, though the press release does not specify the current ownership percentage. The proposal represents an offer to acquire the remaining shares not currently held by the potential acquirer.

MGM Resorts said it remains focused on advancing its position in the gaming entertainment industry while the board evaluates the acquisition proposal.

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