Barry Diller’s People Inc. has bid to acquire the remaining shares of MGM Resorts, pitching a deal that values the casino operator at $18 billion including debt. Already holding a 26.1% stake, the firm formerly known as IAC submitted a nonbinding proposal to buy the rest at $48.30 per share in cash, a bid that would take the business fully private.

People Inc., previously known as IAC, has built its MGM position and now seeks full ownership. In a letter sent Monday, Diller told the board that MGM’s assets are not reaching their full potential as a publicly traded entity and that structural limits would prevent any real correction. Taking MGM private would remove quarterly earnings pressure and allow for operational shifts without Wall Street scrutiny.

FactSet data shows People Inc.’s existing MGM holding is worth roughly $2.9 billion, meaning the takeover would require substantial outside financing to close the transaction. The proposed buyout offer would end MGM’s long run as a public company and put Diller and his firm in full control of the casino operator, eliminating minority shareholders.