On the heels of billionaire Tilman Fertitta’s so-far successful buyout of Caesars Entertainment, billionaire media mogul Barry Diller has tendered a bid to buy MGM Resorts. Diller’s company, People Inc., already owns 26.1% of the stock, having invested in MGM steadily over the past six years. Calling the company “wildly undervalued,” Diller has offered to buy the other 74% at a 10% premium on the most recent closing price (which is up 15% this morning on the news). In a statement, Diller said he likes MGM, because “it represents a rare kind of business: one with real-world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities.” People Inc. would close the deal with cash on hand and debt and funding commitments. MGM hasn’t responded.
Source: Las Vegas News