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Intriguing company bids $18 billion to take MGM private, including BetMGM Casino
The majority shareholder proposes that MGM Resorts International, owner of BetMGM Casino, goes private to help the company realize its "full potential".
Another major gambling giant could be going private after People Incorporated proposed to buy out all outstanding shares of MGM that the former doesn't already own for $48.30 per share, valuing MGM at over $18 billion. The offer would include not only MGM's land-based properties but also the group's interest in BetMGM Casino.
People Inc. offers premium price on remaining MGM shares
Owner of popular publications like People Magazine, People Inc. already stands as MGM's largest shareholder with a 26.1% interest in the company. What People Inc. proposes is to purchase all remaining shares to take MGM private.
The proposed price of $48.30 per share represents a 10.6% premium to last week's share prices for MGM Resorts.