Mergers & Acquisitions ·
People Inc. withdraws proposal to take MGM Resorts private after conditions not met
IACPeople Inc
People Inc. withdrew its proposal to acquire all outstanding shares of MGM Resorts International not already owned by the company, ending efforts to take the casino operator private. Chairman Barry Diller cited that the necessary conditions for completion were not being met as anticipated. People Inc. retains a significant minority stake in MGM Resorts, holding approximately 66.8 million shares representing roughly 27% of the outstanding stock. The company stated it remains open to future strategic transactions with MGM and highlighted its own operational stability, noting an eleventh consecutive quarter of growth in its publishing business. People Inc. operates as a media and entertainment company, owning major consumer brands such as PEOPLE, Food & Wine, Travel + Leisure, InStyle, Better Homes & Gardens, and Southern Living.