People Inc. has proposed an $18bn-plus cash bid to take MGM Resorts International private, according to a report dated 2 June 2026. The offer is $48.30 per share for stock People does not already own; MGM said its board would review it and that an agreement was not assured.
The proposal could change MGM's ownership, but its board has not agreed to a deal.
Quarter ended 30 September 2026
The day’s most important stories, free. One email a day.
MGM Resorts said on 29 October 2026 that takeover discussions with its largest shareholder, People Inc., had ended after People withdrew its offer of more than $18 billion in September. CEO Bill Hornbuckle said the parties had agreed on a price, but People could not assemble a syndicate that met its objectives; MGM said no transaction is currently under consideration.
MGM Resorts said it amended its voting agreement with People Inc., Barry Diller and associated entities. Subject to conditions, they must vote their MGM shares in line with the board’s recommendation in a change-of-control transaction, and their combined ownership cannot exceed 29.9%. MGM said neither party is required to pursue a transaction and none is contemplated.
People Inc. withdrew its proposed $18bn acquisition of MGM Resorts International. People Inc. chairman Barry Diller said in a statement that the company had withdrawn its offer to buy all publicly held MGM shares.
The Nevada Gaming Commission approved licences, amended registration orders and shelf offerings for separate proposed take-private transactions involving MGM Resorts International and Caesars Entertainment. Caesars is being acquired by Fertitta Entertainment in a $17.6 billion deal, subject to shareholder, competition and gaming-jurisdiction approvals; the commission also approved licences for two Fertitta Entertainment executives. MGM remains in discussions with Barry Diller’s People Inc., with further details expected on its second-quarter earnings call, the company’s legal counsel said.
MGM executive Chandler Pohl told the Nevada Gaming Control Board that he could provide no further information about People Inc’s proposed acquisition of MGM shares. People Inc has made a non-binding cash offer of $48.30 per share for the shares it does not already own, valuing the proposal at $18bn; MGM has not announced a decision.