BUZZ-MGM soars on report of over $18 bln takeover bid from Barry Diller's People

Mgm Resorts International
IAC

Mgm Resorts International

MGM

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IAC

IAC

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** Shares of casino operator MGM Resorts International MGM.N jump 13.9% in premarket trading

** Barry Diller's People Inc IAC.O is preparing an offer to buy co, in a deal that values it at more than $18 billion, NYT DealBook reports

** The reported bid of $48.30 marks a 10.6% premium to MGM's last close

** People already owns a 26.1% stake in MGM, according to data compiled by LSEG

** The companies did not immediately respond to Reuters requests for comment

** People's shares rose 2.5% premarket

** Formerly known as IAC, the digital media conglomerate said in April it was rebranding as People

** The rebrand is expected to be completed by August


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