People Inc. jumped 9% in after-hours trading on a report that MGM Resorts is discussing making an offer for the company. According to a Wall Street Journal report citing people familiar with the matter, MGM's intentions are not entirely clear, but the casino company may be trying to buy back a large chunk of its own shares while acquiring other assets at a discount. People, formerly known as IAC, holds a 27% stake in MGM. The potential offer comes a day after Barry Diller's People withdrew its bid to buy the remaining shares of MGM it did not already own, a proposal disclosed in June that valued MGM at $12.4 billion, or $48.30 per share in cash. Diller said in a statement that the company remained open to and interested in a strategic transaction with MGM Resorts, while MGM shares dropped 11% on Thursday following the withdrawn bid.
MGM Resorts InternationalMGM is reportedly discussing an offer for People, but its intentions are unclear and its shares dropped 11% after People withdrew its prior bid.
People Co., Ltd.
People IncorporatedReport that MGM Resorts is weighing a takeover bid for People sent its shares up 9% after-hours.
