Barry Diller's non-binding ~$48-a-share offer for MGM Resorts via People Inc. is likely meant to put the assets in play and force a revaluation of a business Diller has repeatedly called significantly undervalued. Suvretta Capital puts base-case value near $60 a share on current assets alone, excluding the Osaka casino and Dubai licence optionality. The board, reviewing the offer, which has no expiry, is expected to reject it; the stock could then fall toward its pre-bid level near $37. x.com 

People Inc. should unlock value as Barry Diller cuts overhead and sells everything except the core publisher and the MGM stake. Turo, Vivian, the Daily Beast and the IAC Building are for sale, and an unexpected $189 million LP fund stake sale shows Diller trimming fat. It will keep buying MGM, which trades near 3x lease-adjusted EBITDA, and has buybacks covering about 16% of float. Google's AI Overviews cut its traffic uncompensated, but a material Google settlement is expected by next year. … Show more

MGM Resorts' debt and operating leverage make its low free-cash-flow yield risky. A recession would make the situation very bad even if conditions otherwise look fine, and Diller is following the Liberty levered-buyback model. x.com  x.com  x.com 

MGM Resorts looks due for a bounce after falling nine weeks in a row, something it has done only once in 38 years, at the financial-crisis lows, and never ten. It has retraced much of the takeover bid from a couple of months ago and now trades about 13% below the $48.30 offer price, with RSI getting oversold. A higher bid is even possible. x.com