MGM ends takeover talks with People after bid withdrawal
MGM Resorts said on its third-quarter earnings call that it had ended takeover discussions with largest shareholder People Inc. after People withdrew its offer. People had offered more than $18bn in September but could not assemble a syndicate that met its objectives, according to MGM chief executive Bill Hornbuckle. The companies amended their voting agreement; neither is obliged to pursue a transaction.
The end of talks removes a proposed change-of-control transaction from consideration while leaving MGM free to pursue other options.
Cite as: SectorWire, “MGM ends takeover talks with People after bid withdrawal”, https://sectorwire.news/item/mgm-ends-takeover-talks-with-people-after-bid-withdrawal/