The investigation, launched by securities law firm Bleichmar Fonti & Auld LLP, centers on whether the bid satisfies Delaware’s rigorous fiduciary standards. Because People, Inc.—the firm founded by Diller—maintains significant influence over MGM through a recently established governance agreement, the deal faces heightened scrutiny regarding potential self-dealing. Under Delaware law, transactions where directors sit on both sides of a negotiation require strict procedural safeguards to ensure minority shareholders are not disadvantaged.

MGM’s board of directors acknowledged the proposal on June 1, 2026, confirming they are reviewing the offer to determine if it aligns with the best interests of the company. As the evaluation process continues, legal counsel is urging current MGM stockholders to assess their rights. BFA Law is currently reviewing whether the proposed terms provide adequate value or if the structural ties between the parties compromise the integrity of the sale. The firm operates on a contingency fee basis, meaning shareholders do not bear out-of-pocket litigation costs while the investigation proceeds.