[CLSTR]
< Back to all clusters
[BUSINESS] · United States, China, Japan · 13 sources

started · updated

MGM Resorts to remain independent after People Inc. withdraws $18 billion bid

MGM Resorts People Inc. Barry Diller takeover bid gaming industry

People Inc., led by billionaire Barry Diller, has withdrawn its $18 billion proposal to acquire MGM Resorts International and take the gaming giant private. The decision follows approximately four months of negotiations between Diller’s investment vehicle and a special committee of the MGM board.

The original June offer proposed $48.30 per share in cash to acquire all outstanding shares not already owned by People Inc. While the takeover bid has collapsed, People Inc. maintains a significant ownership stake of approximately 27% in MGM Resorts. Diller stated that the withdrawal was due to the proposal not “coming together in the way we had hoped,” though he expressed continued confidence in MGM’s management and future prospects.

MGM Resorts Chairman Paul Salem confirmed the company will remain an independent, standalone entity. The board highlighted the company’s strength in the Las Vegas market, the momentum of its digital gaming business, BetMGM, and its international presence in China and upcoming developments in Osaka, Japan, as key drivers for its independent strategy.

Entities

Barry Diller · BetMGM · Las Vegas · MGM Resorts International · Paul Salem · People Inc. · People Incorporated

Claims

What the coverage asserts, and how many sources carry each claim.

  • [● 2 SOURCES] People Incorporated has withdrawn its proposal to acquire all outstanding shares of MGM Resorts International that it does not already own. www.thewrap.com · www.hollywoodreporter.com
  • [○ 1 SOURCE] The original non-binding proposal offered $48.30 per share in cash for all outstanding MGM shares not already owned by the bidder. www.thewrap.com
  • [● 2 SOURCES] MGM Resorts will continue to operate as a standalone company. www.thewrap.com · www.hollywoodreporter.com
  • [○ 1 SOURCE] People Incorporated remains interested in the possibility of a future strategic transaction with MGM Resorts. www.thewrap.com
  • [○ 1 SOURCE] The proposed acquisition would have valued MGM Resorts at approximately $12.4 billion. www.thewrap.com
  • [● 2 SOURCES] Barry Diller stated the decision to withdraw was made because the necessary ingredients for the proposal were not coming together as hoped. www.thewrap.com · www.hollywoodreporter.com
  • [● 2 SOURCES] People Incorporated continues to hold approximately 27% of MGM Resorts, consisting of 66.8 million shares. www.thewrap.com · www.hollywoodreporter.com
  • [○ 1 SOURCE] A special committee of the MGM Resorts board of directors participated in negotiations with People Incorporated over several months. www.thewrap.com

Sources

MGM Resorts to Stay Public After People Inc Withdraws $18 Billion Buyout Offer [alienwp.com]
Billionaire Barry Diller Ends Pursuit of MGM Resorts Acquisition [disa.org]
MGM Resorts to Remain Standalone as People Incorporated Withdraws Bid [www.gaming.net]
MGM Resorts | Multimilionário retira oferta para adquirir empresa [hojemacau.com.mo]
People to Acquire MGM Bid Collapses as Diller Pulls Offer [usaherald.com]
MGM Weighs People Inc Takeover Bid, Day After Diller U-Turn [www.abcmoney.co.uk]
Barry Diller Withdraws MGM Takeover Bid, Not a 'Majority Stake' Offer [www.financial-news.co.uk]
Barry Diller Abandons MGM Resorts Takeover After $18 Billion Deal Fails to Take Shape [www.netflixjunkie.com]
Billionaire Barry Diller ends his quest to acquire MGM Resorts - The Nevada Independent [thenevadaindependent.com]
Shares In Barry Diller’s People Inc. Surge On Report Of Role-Reversal Acquisition Bid From MGM Resorts [deadline.com]
Barry Diller's People Inc. Withdraws MGM Resorts Takeover Bid [www.thewrap.com]
Barry Diller Drops $18 Billion MGM Resorts Takeover Plan [www.hollywoodreporter.com]
Barry Diller Drops Bid to Acquire MGM Resorts: ‘We Didn’t Feel the Mix Was Coming Together’ [variety.com]