MGM ends takeover discussions with People Inc
MGM Resorts CEO Bill Hornbuckle said on the company’s third-quarter earnings call that discussions with People Inc over either company buying the other had ended. A voting agreement announced the previous day caps People’s MGM equity ownership at 29.9% and allows it to approve a future takeover of MGM by another party. People withdrew an $18bn bid for MGM the previous month.
The ended talks and ownership agreement clarify MGM’s takeover prospects and People Inc’s influence as a shareholder.
Cite as: SectorWire, “MGM ends takeover discussions with People Inc”, https://sectorwire.news/item/mgm-ends-takeover-discussions-with-people-inc/