MGM Resorts Buyout Offer Withdrawn
People Inc. has officially withdrawn its $18 billion offer for an MGM Resorts buyout, ending months of detailed negotiations aimed at taking the major casino operator private. The decision was confirmed following extensive discussions between company executives and a special committee set up by the board of directors to evaluate the proposed takeover. The company, formerly known as IAC and chaired by media executive Barry Diller, originally submitted its transaction proposal on June 1st. The firm proposed buying out all remaining public shares at $48.30 per share in cash. People Inc. already owns 66.8 million shares, representing a 27% stake... The post MGM Resorts Buyout Offer Withdrawn appeared first on This Week in Gambling.
People Inc. has officially withdrawn its $18 billion offer for an MGM Resorts buyout, ending months of detailed negotiations aimed at taking the major casino operator private. The decision was confirmed following extensive discussions between company executives and a special committee set up by the board of directors to evaluate the proposed takeover. The company, formerly known as IAC and chaired by media executive Barry Diller, originally submitted its transaction proposal on June 1st. The firm proposed buying out all remaining public shares at $48.30 per share in cash. People Inc. already owns 66.8 million shares, representing a 27% stake...
The post MGM Resorts Buyout Offer Withdrawn appeared first on This Week in Gambling.
