People Incorporated has issued a takeover bid to MGM Resorts International.

On June 1st local time, MGM International Hotel Group confirmed receiving a takeover offer from People Incorporated, who plans to purchase all outstanding shares of MGM that it does not already own for $48.30 per share in cash. The statement said that the company's board of directors will consult with financial and legal advisors to carefully review and consider the takeover proposal in order to determine the course of action they believe is in the best interest of the company and its shareholders.