People Inc withdraws takeover bid for MGM Resorts
Barry Diller’s People Incorporated has withdrawn its proposal to take the casino operator private.
Macau.- People Incorporated has withdrawn its proposal to acquire the remaining shares of MGM Resorts International. Led by chairman and senior executive Barry Diller, the company confirmed yesterday (September 23) that it would no longer pursue the proposed transaction following several months of discussions with an MGM Resorts special committee.
MGM said its board remains committed to executing its strategy as an independent company. Chairman Paul Salem highlighted the group’s Las Vegas and regional properties, BetMGM, as well as its international operations, including MGM China and the development of MGM Osaka, as part of its growth outlook.
People currently holds 66.8 million MGM Resorts shares, representing approximately 27 per cent of the company. Diller said the investment firm continues to have confidence in MGM’s management and prospects, while leaving open the possibility of a future strategic transaction or alternative arrangement.
“There are lots of ingredients that go into a proposal of this kind on its way to completion. We didn’t feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time,” Diller said.
