Exclusive | MGM Resorts Eyeing Bid for Barry Diller’s People Incorporated
Barry Diller's People Inc. has rescinded its takeover offer for MGM Resorts following four months of negotiations and the approval of a Caesars buyout. In a sudden role-reversal, MGM Resorts is now considering a counter-acquisition bid for Barry Diller's People Incorporated publisher. The canceled buyout proposal was valued at an $18bn price tag. Following the collapse of the initial takeover attempt and the emergence of MGM's potential counter-bid, shares in MGM Resorts sank between 9% and 11%, while shares in Barry Diller's People Inc. surged.
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- ✓ Barry Diller's People Inc. rescinded its takeover offer for MGM Resorts after four months of negotiations.
- ✓ Barry Diller abandoned an $18bn takeover bid for MGM Resorts.
- ✓ MGM Resorts shares dropped between 9% and 11% after the takeover offer was rescinded.
- ✓ MGM Resorts is considering a bid to acquire Barry Diller's People Incorporated.
What changed
Barry Diller withdrew his takeover bid for MGM Resorts, prompting the casino giant to consider a counter-acquisition bid for People Inc.
Live updates
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MGM Resorts Eyes Bid For Barry Diller's People Inc.
Barry Diller's People Inc. has rescinded its takeover offer for MGM Resorts following four months of negotiations and the approval of a Caesars buyout. In a sudden role-reversal, MGM Resorts is now considering a counter-acquisition bid for Barry Diller's People Incorporated publisher. The canceled buyout proposal was valued at an $18bn price tag. Following the collapse of the initial takeover attempt and the emergence of MGM's potential counter-bid, shares in MGM Resorts sank between 9% and 11%, while shares in Barry Diller's People Inc. surged.
Why it matters
The dramatic shift in negotiations highlights the volatile maneuvering between major gaming and publishing entities. Barry Diller's firm initially pursued a massive acquisition of the casino giant before walking away from the deal entirely. MGM is now turning the tables to weigh its own buyout proposal for the publisher.
What is confirmed
- Barry Diller's People Inc. rescinded its takeover offer for MGM Resorts after four months of negotiations.
- Barry Diller abandoned an $18bn takeover bid for MGM Resorts.
- MGM Resorts shares dropped between 9% and 11% after the takeover offer was rescinded.
- MGM Resorts is considering a bid to acquire Barry Diller's People Incorporated.
Still unconfirmed
- Barry Diller withdrew the MGM Resorts bid specifically after Caesars buyout approval.
What to watch next
- Official confirmation or denial from MGM Resorts regarding a formal bid for People Inc.
- Further stock price movements for both MGM Resorts and People Inc.
confidence 100%Sources used for this update (13)
- CNBC — MGM Resorts shares sink 9% after Barry Diller's People Inc. rescinds takeover offer
- KLAS 8 News Now — MGM Resorts buyout offer withdrawn after 4 months of negotiations
- Reuters — Barry Diller's People withdraws bid for MGM Resorts
- Axios — Barry Diller folds on MGM Resorts takever
- WSJ — Exclusive | MGM Resorts Eyeing Bid for Barry Diller’s People Incorporated
- Barron's — MGM Falls 11% After Barry Diller Pulls Out of Takeover. Why the Stock Is Still a Good Bet.
- Reuters — MGM discusses bid for Barry Diller's People Inc, WSJ reports
- KSNV — Barry Diller withdraws MGM Resorts bid after Caesars buyout approval
- FOX5 Vegas — People Inc. withdraws proposal to buy out MGM Resorts
- Barron's — MGM Turns Tables on Diller. Why It’s Betting Big on Old-School Las Vegas Gambling.
- Deadline — Shares In Barry Diller’s People Inc. Surge On Report Of Role-Reversal Acquisition Bid From MGM Resorts
- Financial Times — Barry Diller abandons $18bn takeover bid for MGM Resorts
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