MGM Resorts Amends Voting Agreement with People Incorporated Following Withdrawal of Acquisition Proposal

MGM Resorts International (NYSE: MGM) has amended its existing voting agreement with its largest shareholder, People Incorporated. The amendment comes after People Inc. withdrew a previous proposal to acquire the company. Under the new terms, People Inc., Barry Diller, and associated parties have agreed to vote their shares in alignment with the Board's recommendations during any potential change of control transaction. The agreement also includes a cap on ownership, preventing the Covered Entities from acquiring more than 29.9% of MGM Resorts' outstanding shares. In exchange for this compliance, MGM Resorts has pledged not to implement defensive measures against these entities. While the agreement provides a framework for maximizing shareholder value through potential repurchases or transactions, both parties clarified that no specific transaction is currently contemplated.

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