People Inc. already holds a 26.1% stake in the gaming operator, making the firm MGM’s largest shareholder. While the proposal remains in flux, the aggressive move sparked immediate market reaction, with MGM shares jumping roughly 14% in premarket trading. IAC stock also saw a 4% gain as investors weighed the implications of a full buyout.
Diller, who currently occupies a seat on the MGM Resorts board, plans to recuse himself from any internal deliberations regarding the acquisition to avoid conflicts of interest. The formal offer could be submitted as early as Monday, marking a definitive step in Diller’s strategy to transition from a significant minority stakeholder to the sole owner of the casino empire.
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