People Incorporated, formerly IAC and run by Barry Diller, has submitted a non-binding proposal to acquire the remaining MGM Resorts shares it does not already own for $48.30 per share in cash. 

The latest Bloomberg data show People Inc. owns 26.1% of MGM Resorts, or about 66.82 million shares. The offer to buy the remainder would cover roughly 73.9% of MGM that is not already owned.

The $48.30-per-share offer represents a 24.1% premium to MGM's 30-day volume-weighted average price, more than a 30% premium to its 90-day VWAP, and a 10.6% premium to the most recent closing price. Such a deal would value MGM Resorts at $18.8 billion, including debt

MGM Resorts shares are up 15% in late morning trade. 

"We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real-world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities. That conviction has only strengthened over time," Diller wrote in a statement.

He continued, "We continue to believe the market materially undervalues the power and durability of MGM's assets. We believe MGM's management team is superb, and that there is a compelling opportunity to support MGM's next phase of growth and help unlock its full value."

People Inc. expects MGM to go private if the deal proceeds. It would fund the transaction with cash on hand at both People and MGM, as well as additional debt and equity commitments.

"People Incorporated expects that it will own just over 50.1% of the equity of the company, with other investors (which may include existing shareholders of MGM) holding minority interests. People Incorporated would control the MGM business," Diller's firm stated.

News of the take-MGM-private deal comes days after Tilman Fertitta, the Texas billionaire behind Golden Nugget and Landry's, reportedly prepared a $5.7 billion takeover of Caesars Entertainment.

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