Barry Diller’s People Inc. withdraws bid for MGM Resorts

• People Inc. confirmed the withdrawal of its bid to acquire the outstanding stake in MGM Resorts
• Barry Diller, Chairman and Senior Executive at People Inc., comments
• MGM Resorts remains confident in its future and will continue as a standalone company

This summer, Barry Diller’s People Inc. tabled a proposal to acquire the remaining stake in the leading gaming, hospitality and entertainment company, MGM Resorts International.

Now, People Inc. confirmed it has withdrawn its proposal to purchase all outstanding shares of MGM Resorts.

People Inc. will retain ownership of a 27% stake in MGM

The bid for MGM Resorts offered a price of $48.30 per share, meaning the acquisition was an estimated $18bn.

Had People Inc. continued with the transaction, it would’ve acquired 100% control of MGM Resorts’ stock.

However, on Wednesday, Barry Diller, the Chairman and Senior Executive of People Incorporated, revealed in a press release that the major acquisition won’t be going forward.

"There are lots of ingredients that go into a proposal of this kind on its way to completion. We didn't feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time," the executive wrote.

Diller remained optimistic about the future of MGM Resorts, confirming that People Inc. will maintain ownership of 66.8m shares, or approximately a 27% stake in the company.

"I want to thank the Special Committee and all the MGM Directors for giving us the time and consideration during the process. People Incorporated is doing just fine with its principal publishing business achieving its 11th quarter of growth with plenty of cash to both invest in its business and purchase its stock," the American billionaire businessman further wrote.

Finally, Diller acknowledged that People Inc. remains dedicated to executing a "strategic transaction with MGM Resorts," explaining the company is looking forward to alternatives in the future.

MGM Resorts continues as a standalone company

The withdrawal of the bid by People Inc. was acknowledged by MGM Resorts.

The latter company confirmed that its Board has engaged in negotiations with People Inc. since the company’s bid to acquire the remaining stake was proposed on June 1, 2026.

Considering the decision to withdraw the proposal, MGM Resorts said it will continue as a standalone company.

"The Board remains excited to continue to lead MGM Resorts as a standalone company. Our leading position in Las Vegas, our best-in-class regional properties, and BetMGM's continued momentum highlight the value we bring to our shareholders," MGM Resorts Board Chairman Paul Salem wrote.

Last but not least, he pointed to MGM Resorts’ strong international portfolio, which includes MGM China and the upcoming MGM Osaka, positioning the company well for further increased shareholder value.

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