Investing.com -- MGM Resorts International (NYSE: MGM) shares jumped 10% Monday following a report from New York Times’ Dealbook that Barry Diller’s People Inc., formerly known as IAC, is preparing an $18 billion takeover bid for the casino operator

The proposed all-cash offer would be for $48.30 per share to acquire the 73.9% of MGM Resorts that People Inc. doesn’t currently own, according to the report. The bid represents a 10.6% premium over Friday’s closing price.

People Inc. already holds a 26.1% stake in MGM Resorts and maintains two board seats, including one occupied by Diller himself. The company’s existing position makes it the largest shareholder in the casino giant.

No timeline has been provided for when a formal offer might be submitted to MGM Resorts’ board.

MGM Resorts operates casino resorts across the United States and internationally, including properties on the Las Vegas Strip such as the Bellagio, MGM Grand, and Aria. The company has been working to expand its presence in the sports betting and online gaming markets in recent years.