Barry Diller’s People seeks $18 billion MGM takeover (opens in new tab)

Barry Diller’s People Inc. said Monday it submitted a nonbinding proposal to buy the MGM Resorts International shares it does not already own, offering $48.30 a share in cash and valuing the casino and resort operator at more than $18 billion. People, which owns 26.1% of MGM’s outstanding common stock, is seeking the remaining 73.9%; the bid represents a 10.6% premium to MGM’s Friday close of $43.67. Diller said MGM attracted People because its “real world assets” are difficult for artificial...