On June 1, MGM Resorts rose 11.54% in regular trading, trading at $48.76/share, with trading volume of $198 million.

On the news front, media mogul Barry Diller's People Inc. (formerly IAC) formally submitted a cash acquisition offer to MGM Resorts at $48.30 per share for the approximately 73.9% of shares it does not already own. The total transaction value exceeds $18 billion including debt. People Inc. currently holds approximately 26.1% of MGM's equity, and upon completion, the deal would result in full ownership and privatization of the company.

The offer represents an approximately 11% premium to MGM's prior closing price of $43.67. Diller is a veteran media and entertainment executive known for his M&A expertise, having previously led ABC, Paramount Pictures, and Fox Broadcasting, while also serving as chairman of Expedia Group. If completed, the acquisition would take one of the world's largest casino and resort operators private under the People Inc. umbrella.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)