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PEOPLE INCORPORATED WITHDRAWS PROPOSAL TO PURCHASE ALL PUBLIC SHARES OF MGM RESORTS INTERNATIONAL
People Inc said it still holds 66.8 million MGM shares and remains open to a future strategic transaction after ending the $18 billion pursuit.
- On Wednesday, People Inc chairman Barry Diller withdrew his company's proposed $18 billion acquisition of MGM Resorts International, concluding months of negotiations aimed at taking the casino operator private.
- Diller proposed acquiring the remaining stake in MGM last June to support the company's growth, but stated the mix was not "coming together in the way we had hoped."
- A Special Committee of the Board negotiated with People Inc for several months, with MGM Resorts Board Chairman Paul Salem confirming the company will continue as a "standalone company."
- Shares of MGM Resorts fell 8% in after-hours trading on Wednesday following the announcement, though People Inc retains its approximately 27% stake and remains "open and interested" in strategic alternatives.
- The company remains the largest operator on the Las Vegas Strip, with future value supported by the $10 billion MGM Osaka project in Japan and its holdings in Macau.
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Total News Sources76
Leaning Left10Leaning Right10Center39Last UpdatedBias Distribution66% Center
Bias Distribution
- 66% of the sources are Center
66% Center
L 17%
C 66%
R 17%
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