People Inc. Withdraws Takeover Offer for MGM Resorts, Shares Drop
Barry Diller's People Inc. has withdrawn its proposal to acquire MGM Resorts International, causing the casino company’s shares to fall nearly 9% on Thursday. The offer had been made in June at $48.30 per share and would have taken control of the remaining public shares after People Inc.’s existing stake of approximately 26.1%. Diller cited complexities surrounding the deal as a reason for its cancellation, noting that key elements did not align as expected. Diller indicated openness to future strategic transactions with MGM Resorts but confirmed no immediate plans to proceed with taking it private at this time. Analysts suggest concerns over increased debt from such an acquisition may have also influenced Diller’s decision.
Tickers: $MGM