People Incorporated

Yakira Capital Management, a long-term shareholder of People Incorporated, has publicly urged the PPLI board to withdraw its proposal to acquire the remaining shares of MGM Resorts International and instead prioritize share repurchases. In an open letter, Yakira argued that repurchasing PPLI shares at a substantial discount to intrinsic value would create significantly greater shareholder value than acquiring MGM shares at a premium. The firm noted that PPLI shares were trading below the combined value of their MGM stake and net cash, resulting in a negative valuation even before accounting for the private portfolio and headquarters. Yakira calculated that if PPLI sold its MGM shares and used the proceeds to retire its own stock, the sum-of-the-parts value would jump to over $190 per share, compared to over $71 under the current structure. The letter also expressed concerns about recent capital allocation decisions and the risks of transforming a cash-rich company into a more complex, leveraged enterprise centered on a mature gaming business.

Longleaf Partners Fund highlighted MGM Resorts International as a positive contributor in its second-quarter 2026 investor letter. The fund noted that People Inc., formerly IAC Inc., announced a bid for control of MGM, which drove MGM's share price to the offer level. MGM also reported a quarter where Las Vegas revenues grew for the first time in almost two years, supported by a strong convention calendar. Additionally, Caesars' announcement that it was going private could be another positive for MGM on multiple levels. The fund believes the People Inc. bid could be a good way to grow and realize value per share at both companies, though details will matter.

Barry Diller's People Inc. has publicly proposed acquiring the remaining shares of MGM Resorts International at $48.30 each, valuing the casino and entertainment group at around $12.4 billion. MGM Resorts International's share price closed at $46.88, and the proposal comes amid a 90-day share price return of 27.56% and a one-year total shareholder return of 23.60%. The most followed narrative from Simply Wall St users places fair value at $27.97, suggesting the stock is overvalued, while the SWS DCF model estimates fair value at $61.22, indicating the stock is trading about 23.4% below its estimated future cash flow value. The competing valuations frame the $48.30 offer very differently, depending on whether one trusts cash flow or earnings multiple assumptions.

MGM Resorts has reportedly started discussions with People for a potential buyout after Barry Diller’s media company offered to acquire the casino giant in a transaction worth $12.4 billion last month. Vertex Pharmaceuticals will acquire Crinetics Pharmaceuticals for a total equity value of about $10 billion, or nearly $8.8 billion net of estimated cash acquired. German engine manufacturer Deutz agreed to acquire military vehicle producer FFG Flensburger Fahrzeugbau Gesellschaft in a transaction valued at approximately €1.6 billion, or $1.8 billion. Perfect signed a definitive merger agreement with ProjectNY, an entity controlled by founder and CEO Alice Chang, under which the company will become privately held at $2.00 per share. Axos Nevada, a subsidiary of Axos Financial, announced a definitive agreement to acquire Arc Technologies, a financial technology platform serving technology and growth companies. Qiagen soared 11% after a report that the European molecular testing company is seeing early takeover interest from private equity firms including EQT AB and Advent. Marex Group agreed to acquire Bright Point International to strengthen its presence in the Asia-Pacific region and expand access to China's markets.

MGM Resorts has started discussions with People for a potential buyout after Barry Diller’s media company offered to acquire the casino giant in a transaction worth $12.4 billion last month. MGM has established a special board committee and hired advisers to review the bid, which it believes undervalues the company. Bankers including some at JPMorgan Chase are advising Diller and are ready to provide financial backing. Discussions have heightened this month, but there is no guarantee of a final agreement. Diller’s firm already owns approximately a 26% stake in MGM.

People Incorporated, formerly IAC Inc., has submitted a non-binding proposal to acquire the shares of MGM it does not already own for $48.30 per share. The company, which now trades under the ticker PPLI on NASDAQ following a transition on June 4th, operates brands such as Entertainment Weekly and Investopedia. Chairman Barry Diller stated that the firm began investing in MGM nearly six years ago due to its real-world assets and digital growth opportunities, and believes the market undervalues MGM's assets. People Incorporated's shares have risen 24% over the past year and 18% year-to-date.

Billionaire Barry Diller, through his company People, has made a non-binding offer to acquire the remaining shares of MGM Resorts International he does not already own for $48.30 per share in cash, valuing the casino giant at roughly $18 billion including debt. Diller already holds about 26.1% of MGM, and the proposal would take the company private, delisting it from the stock market. MGM's board is reviewing the offer, with Stifel analyst Steven Wieczynski arguing the bid undervalues the company and that the board could push for a higher price; MGM shares were trading at $48.62, above the offer price. The company owns major Las Vegas Strip properties such as Bellagio, MGM Grand, Aria, and Mandalay Bay, and has a growing digital gambling presence through BetMGM. If the deal falls through, investors would rely on MGM's fundamentals, which include first-quarter revenue growth of over 4%, a 29% decline in adjusted earnings to $0.49 per share, and a debt-to-equity ratio of 1.93.

People Incorporated, which recently rebranded from IAC Inc., could be 9.1% undervalued according to a widely followed narrative that pegs fair value at $47.33 per share, above the last close of $43.04. The stock has gained 7.92% over the past 30 days and 12.70% over 90 days, though its five-year total shareholder return remains down 65.56%. The bullish case rests on the company's efforts to reduce reliance on Google search traffic by expanding into off-platform channels such as Apple News, YouTube, and TikTok, while leveraging first-party data for broader ad targeting. However, a competing view notes that the current price-to-earnings ratio of 23.2 times exceeds both the peer average of 19.6 times and a fair ratio of 17.1 times, suggesting limited room for error if sentiment weakens.