UPDATE 1-People Inc preparing over $18 billion buyout offer for MGM Resorts, NYT DealBook reports

Mgm Resorts International
The New York Times

Mgm Resorts International

MGM

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The New York Times

NYT

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Adds share move in paragraph 2, details throughout

June 1 (Reuters) - Barry Diller's digital media company People Inc is preparing an offer to buy MGM Resorts MGM.N, valuing the casino giant at more than $18 billion, the New York Times' DealBook reported on Monday.

MGM's shares rose more than 10% before the bell.

People Inc is planning to bid $48.30 a share in cash for 73.9% stake in MGM Resorts that it does not already own, the report said.

MGM Resorts and People did not immediately respond to Reuters requests for comment.


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