MGM confirms all People Inc talks are dead as operator pares losses in Q3

The biggest and most emphatic takeaway from MGM Resorts’ third-quarter results and conference call on Wednesday is that takeover talks between MGM and its largest shareholder, Barry Diller’s People Inc, are over, and neither company is considering acquiring the other. MGM received a blockbuster offer from People on 1 June to buy out the 74% of shares it doesn’t already own at $48.30 per share, which the operator spent months considering. Ultimately, People rescinded the offer on 23 September and reports emerged afterward that MGM could acquire People instead.