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MGM Resorts amends voting agreement with People Inc. following withdrawal of acquisition proposal
MGMMGM Resorts International
MGM Resorts International amended its Voting Agreement with People Incorporated and Barry Diller, the company's largest shareholder, after People withdrew its previously announced proposal to acquire MGM. Under the amendment, People agreed not to increase its beneficial ownership above 29.9% and will vote shares exceeding 25.73% in line with the Board on non-change-of-control matters. In a change of control scenario, People will follow the Board's recommendation provided specific conditions are met, including director participation on transaction committees and equal treatment for their equity. MGM agreed not to implement defensive measures adverse to People while they remain in compliance. The agreement does not obligate either party to pursue a transaction. MGM Resorts International is an S&P 500 global gaming and entertainment company operating hotels, casinos, and sports betting platforms.