MGM Resorts may be looking to buy People, Inc., WSJ reports

• MGM Resorts is considering a potential acquisition of People, Inc.
• People familiar with the matter spoke to the WSJ on condition of anonymity
• Previously, People, Inc. attempted to buy out MGM Resorts in a $18bn deal

MGM Resorts is considering making a bid for People, Inc., the company that, until this week, was bidding to buy out the gaming and hospitality behemoth as part of a now-shut-down $18bn deal. Chaired by Barry Diller, People Inc and MGM Resorts confirmed that they would not be proceeding with the acqusition deal on Wednesday.

However, only a day later, on Thursday, the Wall Street Journal (WSJ) broke the news that MGM Resorts is now discussing the possibility of making a reverse buyout for the company, securing People, Inc. and the 27% it owns in MGM.

People familiar with the matter have spoken to the Journal and said that if MGM Resorts decides to pull the trigger on this, it could make its proposal in the coming days. The move is characterized as unusual, with MGM Resorts seeking to buy out its single-largest investor, with People, Inc. holding 27% of the current shares.

MGM Resorts and Diller’s People, Inc. have not reached an agreement over the would-have-been $18bn acqusition of the company and taking it private.

"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," Diller wrote on the occasion of confirming that the companies would not be further discussing the potential buyout of MGM by People, Inc.

MGM Resorts Board Chairman Paul Salem was similarly happy with the development, and said, at the time: "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."

The story is developing.

Image credit: Unsplash.com