People Inc., which owns about 27% of MGM Resorts, put a formal $18 billion bid forward in June and pulled it on Sept. 23, saying the deal ‘wasn’t coming together’ while keeping its stake and leaving open future strategic options.
Barry Diller’s firm retains about 66.8 million shares, roughly a 27% stake, and said it still believes in MGM’s prospects and remains open to strategic alternatives.
# What happened
Barry Diller's People Inc. abandoned its bid to buy MGM Resorts International on Sept. 23. People Inc. had submitted a formal offer in June to purchase all outstanding MGM shares it did not already own for $48.30 per share, a proposal that valued MGM at about $18 billion. People Inc. continues to own roughly 66.8 million shares, about 27% of MGM.
# Why People Inc. stopped the bid
People Inc. said there were "lots of ingredients that go into a proposal of this kind" and that "we didn't feel the mix was coming together in the way we had hoped." The company's statement also reiterated confidence in MGM's future and in its management while saying People Inc. has the cash to invest in its publishing business and buy back its stock.
# MGM's response and current position
MGM Resorts confirmed People Inc.'s withdrawal and said the board remains committed to running the company as a standalone business. MGM highlighted its leading position in Las Vegas, its regional properties, and momentum at BetMGM, the sports-betting and online-gaming platform it owns half of in a joint venture with Entain. MGM also said it is pursuing targeted expansion in Asia through an integrated-resort development in Japan.
# Context on People Inc. and its holdings
# What the deal would have looked like
The June proposal was a cash offer of $48.30 per share for all MGM stock not already owned by People Inc. That price implied an equity value around $18 billion. People Inc. said it remains "open to and interested in the possibility of a strategic transaction with MGM Resorts" and will consider other alternatives.
# What to watch next
# Bottom line
A proposed $18 billion deal to take MGM private has ended for now. People Inc. walked away because the parties didn't see the deal aligning the way they expected, but both sides emphasized continued confidence in MGM's business and left open the possibility of future strategic moves.
People Inc. Chairman Barry Diller has withdrawn a proposal to acquire full ownership of MGM Resorts. The media company will retain its 27% stake in the casino operator, he said in a statement Wednesday, though it remains “open and interested” in potential strategic alternatives to the original transaction. “There are l
Barry Diller has bailed on his offer to take MGM Resorts private, so there’s no acquisition forthcoming as is the case for Caesars Entertainment (being purchased by Tilman Fertitta, pending regulatory blah blah approvals blah blah). Diller’s People Incorporated, formerly IAC, made its offer June 1, 2026, to much fanfar
Media mogul says ‘we didn’t feel the mix was coming together in the way we had hoped’ after going public with offer in June
The publisher continues to own a 27% stake in the hospitality company and remains "open to and interested" in the possibility of a strategic transaction in the future The post Barry Diller’s People Inc. Withdraws MGM Resorts Takeover Bid appeared first on TheWrap .
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