MGM Resorts International is in talks with Barry Diller’s IAC over a potential acquisition, according to people familiar with the matter. The casino operator has formed a special board committee and hired advisers to assess Diller’s proposal, which was submitted in early June.

MGM executives believe Diller’s offer undervalues the company. Discussions intensified this month, with bankers at JPMorgan Chase reportedly working to arrange financing for the deal. Despite the ongoing negotiations, there is no certainty that an agreement will be reached.

The potential transaction could reshape the hospitality and entertainment sectors, impacting MGM’s significant real estate holdings and its extensive gaming operations. Investors will be watching closely to see if MGM can secure a price that reflects its perceived market value.