MGM Resorts International (MGM) stock rose 14.77 percent to $50.12, gaining $6.45 on Monday, following a non-binding acquisition proposal from its largest shareholder, People Incorporated.
The stock is currently trading at $50.12, compared to its previous close of $43.67 on the New York Stock Exchange. During the session, it reached a high of $51.17 and a low of $48.30, with trading volume skyrocketing to 15,059,312 shares, more than triple its average daily volume of 4,781,563.
The surge comes after People Incorporated, which already owns a 26.1% stake in the casino and entertainment giant, submitted a proposal to acquire all remaining outstanding shares for $48.30 per share in cash. The offer represents a 10.6% premium to MGM's most recent closing price and over a 24% premium to its 30-day volume-weighted average price.
MGM Resorts International's 52-week range is $29.19 to $51.17.
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