Barry Diller's People Corporation has made a proposal to acquire MGM Resorts International for $48.30 per share in an all-cash offer.

MGM Resorts International owns numerous iconic Las Vegas properties, including the Bellagio and Aria resorts.

News of the potential acquisition drove MGM's share price up by approximately 11% in early Monday trading, while shares in Diller's company rose 2%.

In a letter to the MGM board, Diller stated that, as a current director of MGM, he would recuse himself from any board deliberations or votes concerning this proposal.

People Corporation, formerly known as IAC, currently holds about a 26.1% stake in MGM Resorts International.

In the announcement, People's Chairman Barry Diller remarked, "Our initial investment in MGM six years ago was driven by its unique business model, anchored by irreplaceable physical real estate assets that are resilient to AI disruption, combined with significant potential for digital growth."

"We continue to believe the market significantly undervalues MGM's assets and their long-term stability. The company has an excellent management team, and this acquisition would enable MGM to enter a new phase of growth and fully realize its intrinsic value."

Reports had previously surfaced indicating that a formal offer could be presented as early as this Monday.