Securities law firm Bleichmar Fonti & Auld LLP is investigating Barry Diller's unsolicited bid to acquire the remaining stock of MGM Resorts International for $48.30 per share. Diller, an MGM board member, made the offer through People, Inc., formerly known as IAC, Inc., which he founded and controls and which is MGM's largest single stockholder. The investigation focuses on potential breaches of fiduciary duty and conflicts of interest under Delaware law, given Diller's dual role and a governance agreement allowing People to designate two MGM directors. MGM's board stated it will carefully review the proposal to determine the best course of action for the company and all shareholders. Current MGM shareholders are encouraged to contact the firm to discuss their legal options.
MGM Resorts InternationalMGM is the target of the unsolicited bid; board reviewing proposal amid investigation into fiduciary duties and conflicts.
People IncorporatedInvestigation into potential fiduciary duty breaches and conflicts of interest related to Diller's bid, which could affect the deal's outcome.