Diller Bids for Rest of MGM Resorts After Overhauling IAC (1)

Barry Diller has made an offer for the remaining portion of MGM Resorts International he doesn’t already own, marking the latest pivot for the billionaire media mogul after overhauling IAC Inc.

The proposal, which would be made through Diller’s business empire, People Inc., is for $48.30 a share for the 73.9% of MGM Resorts that it doesn’t already own, according to a statement on Monday. Such a deal would value MGM Resorts, the casino operator behind Bellagio and Mandalay Bay, at $18.8 billion, including debt.

The bid is a 10.6% premium over MGM Resorts’ closing price on Friday and ...