MGM CEO leaves door open to People Inc. bid as casino dealmaking heats up
MGM Resorts CEO Bill Hornbuckle has indicated the casino operator may acquire People Inc., the company's largest shareholder. This potential role-reversal follows People Inc.'s recent decision to abandon its own takeover attempt of MGM. Shares in Barry Diller's People Inc. surged following reports that MGM is exploring an offer. The shift occurs as casino industry dealmaking intensifies, though some analysts have downgraded MGM to a hold citing limited catalysts.
Listen to Live Briefing
Real-time synthesized voice briefing · Live Feeds Desk
- ✓ MGM Resorts CEO Bill Hornbuckle suggested the company could acquire People Inc.
- ✓ People Inc. withdrew a proposal to buy MGM Resorts at $48.30 per share.
- ✓ Barry Diller's People Inc. is the largest shareholder of MGM Resorts.
- ✓ People Inc. abandoned an $18 billion takeover bid for MGM Resorts.
What changed
MGM CEO Bill Hornbuckle publicly left the door open to acquiring People Inc. during the Global Gaming Expo.
Live updates
-
MGM CEO signals potential acquisition of People Inc.
MGM Resorts CEO Bill Hornbuckle has indicated the casino operator may acquire People Inc., the company's largest shareholder. This potential role-reversal follows People Inc.'s recent decision to abandon its own takeover attempt of MGM. Shares in Barry Diller's People Inc. surged following reports that MGM is exploring an offer. The shift occurs as casino industry dealmaking intensifies, though some analysts have downgraded MGM to a hold citing limited catalysts.
Why it matters
People Inc. previously attempted to buy the remainder of MGM Resorts with a proposal priced at $48.30 per share. Barry Diller's firm eventually withdrew that $18 billion bid. The current possibility of MGM buying People Inc. represents a complete inversion of the previous acquisition dynamic.
What is confirmed
- MGM Resorts CEO Bill Hornbuckle suggested the company could acquire People Inc.
- People Inc. withdrew a proposal to buy MGM Resorts at $48.30 per share.
- Barry Diller's People Inc. is the largest shareholder of MGM Resorts.
- People Inc. abandoned an $18 billion takeover bid for MGM Resorts.
Still unconfirmed
- MGM Resorts is currently eyeing a bid for People Incorporated.
- BFA Law is conducting a deal investigation regarding MGM.
What to watch next
- Official confirmation of a bid from MGM Resorts to People Inc.
- Response from Barry Diller regarding a potential sale.
- Further analyst rating changes for MGM stock.
confidence 90%Sources used for this update (12)
- WSJ — Exclusive | MGM Resorts Eyeing Bid for Barry Diller’s People Incorporated
- 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
- CNBC — MGM CEO leaves door open to People Inc. bid as casino dealmaking heats up
- Seeking Alpha — MGM Resorts: Limited Catalysts, Downgrade To Hold (NYSE:MGM)
- GlobeNewswire — $MGM Deal Investigation Notification: BFA Law is
- PlayNJ — MGM Bid Rumors, Boyd-Evolution Deal Top Gambling Week
- finance.yahoo.com — MGM CEO Signals Possible Acquisition Of Top Shareholder ...
- www.cnbc.com — MGM CEO leaves door open to buying Barry Diller’s People Inc.
- finance.yahoo.com — MGM CEO open to acquiring People Inc. after role-reversal talks
- www.hexeba.com — MGM CEO Leaves Door Open to People Inc. Bid as Casino ...
- www.goldinvestors.news — MGM CEO Opens Door to People Inc. Bid as Casino Deal Frenzy ...
Community Sentiment: How do you assess this situation?
Voice your perspective · Real-time aggregated sentiment from the Live Feeds community