Barry Diller's People to put in $18 billion bid for casino giant MGM Resorts
Consumer
Barry Diller's IAC/People Inc. is reportedly preparing an $18B bid for MGM Resorts at $48.30/share, a ~10.6% premium to MGM's last close of $43.67. The hard bid price creates a classic merger-arb setup with a tight spread to the announced offer.
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Angle
↑ LONG+10% target-5% stoptactical / deal close or break, likely 4-12 weeks
Long MGM into the $48.30 bid — arb the ~10% spread to announced offer price with limited downside if deal closes.