People Inc. proposes $48.30/share cash acquisition of MGM Resorts

People Incorporated (formerly IAC), which owns 26.1% of MGM Resorts, submitted a non-binding proposal to acquire all remaining shares at $48.30 per share, representing a 24.1% premium to the 30-day VWAP. The proposal values the transaction at significant multiples above recent trading prices and suggests a restructuring that would take MGM private under People Inc. majority control.