MGM reviews People Incorporated's $18bn takeover proposal
MGM Resorts International said it was continuing to assess an all-cash takeover proposal from People Incorporated while reporting second-quarter results. The offer values MGM at about $18 billion and proposes $48.30 per share; People owns 26.1% of MGM’s outstanding common stock. MGM reported revenue of $4.5 billion, up 1% year on year, and net profit attributable to the company of $292.4 million.
The proposal’s review could determine whether MGM shareholders receive an offer for the shares People does not own.