MGM Resorts stock rises on report of deal talks with Diller

Investing.com -- MGM Resorts International (NYSE: MGM) shares rose 2.4% Monday following a Friday after-hours report that the casino operator is in deal talks with entertainment mogul Barry Diller.

The Wall Street Journal reported that MGM has established a board committee and engaged advisers to evaluate a proposal from Diller, made on June 1, to acquire the remaining 26% of the company he doesn't already own for $48.30 per share. Such a transaction would value MGM Resorts at approximately $12.4 billion.

Diller's People Inc. already holds a stake in the casino operator, which owns properties including Bellagio and Mandalay Bay. According to the Journal report, JPMorgan Chase & Co. bankers are advising Diller on the potential acquisition and working to arrange financing for the deal.

The stock movement came after the report emerged following the close of trading on Friday, with shares responding positively when markets reopened Monday.

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