IAC (renamed People Incorporated) proposes to acquire MGM Resorts for $48.30/share cash

IAC Inc.

Proposal to acquire all MGM shares not already owned (26.1%) at $48.30/share cash.
24.1% premium to 30-day VWAP; >30% to 90-day VWAP; 10.6% to last close.
Funding from existing cash plus debt/equity; IAC to hold >50.1% post-close.
Non-binding; subject to due diligence, definitive agreement, gaming approvals.
MGM management expected to continue; IAC would control the business.

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