Barry Diller Withdraws MGM Resorts Bid Worth $18 Billion
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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16 Articles
Barry Diller Withdraws $18 Billion Bid for MGM Resorts
Barry Diller’s People Inc. abandoned its roughly $18 billion bid to acquire the rest of MGM Resorts, signaling that the deal will not move forward and leaving MGM to continue as a standalone company. People still holds about 27% of MGM, and MGM’s stock reacted to the withdrawal with an after-hours drop as the company reaffirms its path forward. · 20 sources across the spectrum on IJR News.
Barry Diller Drops Bid To Acquire Full Control Of MGM Resorts
People Inc. Chairman Barry Diller has withdrawn a proposal to acquire full ownership of MGM Resorts. The media company will retain its 27% stake in the casino operator, he said in a statement Wednesday, though it remains “open and interested” in potential strategic alternatives to the original transaction. “There are lots of ingredients that go […]
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