MGM's Stock Beat the S&P by 19 Points. The Bid Still Undervalues It.
MGM shares are up 28.4% year-to-date against the S&P 500's 9.6%, and People Incorporated's $48.30 per share offer prices the company at roughly $18 billion. The gap between what the market sees and what the buyer is offering tells you everything about who's reading the optionality correctly.