MGM Resorts CEO says back-and-forth takeover talk with People Inc. is over for good
Photo: SBC Americas
KEY TAKEAWAYS There will be no takeover deal involving MGM Resorts International and Barry Diller’s People Inc., MGM CEO Bill Hornbuckle confirmed on Oct. 28. After People Inc. pulled its bid to acquire MGM’s outstanding shares in September, a report suggested that the gaming giant could launch a surprise offer to acquire the media company instead. Under an amended voting agreement, People Inc. will not be able to take its shareholding in MGM Resorts above 29.9%. Barry Diller’s People Inc. won’t be buying MGM Resorts International , and MGM Resorts International won’t be buying Barry Diller’s People Inc.
Source: SBC Americas
