On June 2, 2026, the analyst firm Benchmark reiterated its Buy rating for People Inc. (NASDAQ:IAC). IAC is a holding company, associated with billionaire Barry Diller, that owns various media and internet brands. At the time of the rating, shares of IAC were trading at $45.38.
This rating follows a major proposal from IAC to acquire the remaining 73.9% of MGM Resorts International (NYSE: MGM) it does not already own. As highlighted by Proactive Investors, the company submitted a non-binding, all-cash offer. A non-binding offer is an initial proposal that is not a final, legally required deal.
According to The Wall Street Journal, the offer values the casino giant at $18 billion. IAC has proposed to pay $48.30 for each share of MGM. The company plans to fund the deal with a mix of its existing cash, MGM's own funds, and new debt and equity.
The offer represents a significant premium to encourage shareholders to sell. PR Newswire reports the price is a 10.6% premium over MGM's last closing price. It is also a 24.1% premium to the stock's 30-day volume-weighted average price, which smooths out recent price fluctuations.
IAC expressed its belief that MGM possesses "real world assets that AI cannot easily replicate." Following the news, IAC's stock price was little changed at about $45.00 per share, giving the company a market capitalization of approximately $3.38 billion.
