Barry Diller withdraws MGM Resorts takeover bid citing deal mix issues
People Inc. chairman Barry Diller announced on Wednesday that his company is dropping its proposal to acquire all remaining shares of MGM Resorts International.
Formal offer withdrawn by People Inc
The media group submitted a formal cash offer in June for the outstanding shares of the hotel operator. On Wednesday, the company stated it would no longer pursue taking the business private at this time. Diller explained that the various elements required to complete such a large proposal were not aligning as expected.
Shareholding and future outlook remain
People Inc continues to hold approximately 27 percent of MGM Resorts through its existing 66.8 million shares. The chairman expressed continued confidence in the management team and the prospects for the company. He noted that his publishing business is generating growth and has sufficient cash to invest or buy stock.
Interest in strategic alternatives stays
Despite ending the current acquisition attempt, People Inc remains open to considering a range of alternative transactions with MGM Resorts. The company stated it looks forward to exploring other possibilities for a potential future deal.
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