Hoyle: MGM buyout offer undervalues Japan resort potential
The $48.30/share offer from IAC significantly undervalues MGM given its free cash flow generation and the未来 optionality of the Japan integrated resort, making a buyout at even $53…
Hoyle: MGM buyout offer at $48.30 undervalues Japan resort optionality and long-term FCF
The IAC offer at $48.30/share is well below intrinsic value given MGM's Japan integrated resort pipeline and free cash flow generation; shares already trading above offer price si…
IAC's $1.55B cash and $2.5B MGM stake are insufficient to fund a $13B market cap buyout; its $1.4B debt and media operating losses make a leveraged buyout dependent on outside inv…
Hoyle: IAC lacks balance sheet capacity to fund MGM buyout without outside capital
IAC's $3.3B market cap and $1.55B cash (mostly MGM stake) are insufficient to acquire the remaining 74% of $13B MGM; the deal relies on outside investors and is structurally a lev…