WASHINGTON (dpa-AFX) - People Incorporated (IAC) has submitted a non-binding proposal to the Board of MGM Resorts International (MGM) to acquire all outstanding shares of MGM that People Incorporated does not already own for $48.30 per share. People Incorporated now owns 26.1% of the outstanding common stock of MGM. People Incorporated expects that it will own just over 50.1% of the equity of the company, with other investors, which may include existing shareholders of MGM, holding minority interests. People Incorporated noted that it would control the MGM business.
'We would like to work with MGM to agree on a transaction in which our company and other investors provide MGM's public shareholders with an attractive premium in cash for their interest in MGM, and MGM would become a private company. We wish to confirm to you that People Incorporated has no intention to sell our existing ownership stake in MGM, or to pursue or vote in favor of any merger or other similar extraordinary transaction that would result in a change in control to another party or dilute in any meaningful respect our economic and voting interest in MGM,' said Barry Diller, Chairman and Senior Executive, People Incorporated.
In pre-market trading on NYSE, MGM shares are up 11.45 percent to $48.67.
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