IAC Inc. Proposes $48.30 Per Share Cash Acquisition to Take MGM Resorts International Private

On June 1, 2026, IAC Inc. filed an amendment to its Schedule 13D regarding its investment in MGM Resorts International. The filing reveals that IAC has submitted a non-binding proposal to the MGM Board of Directors to acquire all outstanding shares of common stock it does not already own. The proposed cash consideration is $48.30 per share, representing a 10.6% premium over the most recent closing price and a 24.1% premium over the 30-day volume-weighted average price. IAC currently holds 66,822,350 shares, representing approximately 26.1% of the company. The proposal aims to take MGM private, citing that the company's assets are not reaching their full potential in the public markets. IAC indicated that the transaction would not be subject to a financing condition and expects to maintain a majority stake in the post-closing entity alongside other minority investors. Barry Diller, representing IAC, stated he will recuse himself from MGM Board deliberations regarding the proposal. No definitive agreement has been reached yet.