MGM Resorts weighs bid for Barry Diller's People Incorporated
A proposal could come within days, the Wall Street Journal reports, days after Diller walked away from his own bid for MGM.
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Chart: MGM, one-minute prices, three sessions
MGM Resorts is considering a bid for Barry Diller's People Incorporated, with a proposal potentially arriving within days, according to the Wall Street Journal.
The move reverses the roles from last week, when Diller withdrew his own takeover bid for MGM, a reversal that sent MGM shares down 6% in after-hours trading.
MGM's potential bid undoes the negative sentiment that followed Diller's withdrawal and signals that MGM's management is willing to pursue a major deal even with the broader economy under strain. The plan is constructive on its face, but it depends entirely on how any deal is financed and executed, so the balance of risk and reward stays even until formal terms appear.