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Update: MGM Resorts Shares Rise After $48.30 per Share Acquisition Offer From People Inc.

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(Updates with latest stock price movement in the headline and first paragraph, and MGM Resorts' confirmation in the first two paragraphs.)

MGM Resorts International (MGM) shares were up 14.3% in Monday trading after the company confirmed that it received an offer from People Inc. to acquire all outstanding MGM shares that it does not already own for $48.30 per share in cash.

MGM said its board, along with financial and legal advisors, will review the proposal and that there is no assurance that an agreement would be reached.

People Inc. said earlier Monday it submitted a non-binding proposal to acquire all outstanding MGM Resorts shares it doesn't already own for $48.30 per share, representing a 24.1% premium to the volume-weighted average price of MGM common stock for the 30 trading days ended May 29.

Price: $49.93, Change: $+6.26, Percent Change: +14.32%

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