Business & Finance
Barry Diller withdraws multi-billion-dollar takeover bid for MGM Resorts
People Inc has ended its $18 billion buyout plan while keeping a 27 percent stake in the casino operator.
The short version
- Barry Diller's People Inc has withdrawn its proposed $18 billion takeover offer for MGM Resorts International.[Variety · The Hollywood Reporter]
- Diller stated that the elements of the deal did not come together as hoped to take the company private at this time.[Variety · The Hollywood Reporter]
- People Inc will retain its approximately 27% stake in MGM Resorts, and the casino operator will remain an independent standalone entity.[Variety · The Hollywood Reporter]
Key facts
- People Inc, controlled by Barry Diller, scrapped its proposed $18 billion acquisition bid for MGM Resorts International.[Variety · The Hollywood Reporter]
- People Inc continues to hold 66.8 million shares, representing approximately 27% of MGM Resorts.[Variety · The Hollywood Reporter]
- Barry Diller noted that the necessary elements for the transaction did not align as intended, leading to the decision not to take MGM Resorts private.[Variety · The Hollywood Reporter]
- MGM Resorts board chairman Paul Salem confirmed the company will continue to operate as a standalone enterprise.[Variety · The Hollywood Reporter]
What remains uncertain
- Whether People Inc will pursue different strategic transactions involving MGM Resorts in the future remains unconfirmed.[Variety]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.
- Barry Diller Drops $18 Billion MGM Resorts Takeover PlanThe Hollywood Reporter metered
- Barry Diller Drops Bid to Acquire MGM Resorts: ‘We Didn’t Feel the Mix Was Coming Together’Variety metered