MGM CEO Considers Potential Acquisition of People Inc. After Failed Takeover Attempt
MGM Resorts International's CEO, Bill Hornbuckle, has left open the possibility that the casino operator could acquire Barry Diller’s People Inc., following a reversal in strategy after the media company withdrew its $48.30-per-share proposal to buy the remaining shares of MGM. The Wall Street Journal reported that MGM is exploring an offer for People Inc., which currently owns about 27% of the company and remains its largest shareholder. Hornbuckle emphasized that MGM aims to pursue what's best for shareholders, highlighting the value of assets such as BetMGM, operations in Macao, a resort under construction in Japan, and properties in Las Vegas. He praised Diller’s continued interest in strategic collaboration with MGM despite the failed takeover attempt. Meanwhile, Caesars Entertainment is preparing to go private through its $17.6 billion acquisition by Fertitta Entertainment, which includes Golden Nugget casinos and Landry's restaurants. The deal faces an extended antitrust review but has received shareholder approval.
Topics: Corporate Strategy MGM Resorts International People Inc. Shareholder Value