MGM ends takeover talks with largest shareholder People Inc. after $18B bid withdrawal

MGM Resorts International has ended takeover discussions with its largest shareholder, People Inc. , after the latter withdrew its bid for a proposed acquisition, President and CEO Bill Hornbuckle said during the operator’s third-quarter earnings call on Wednesday. Hornbuckle said People and a special committee of MGM Resorts had agreed on a price, but People was unable to assemble a syndicate that met its objectives and withdrew its offer . MGM Resorts also announced an amendment to its existing voting agreement with People. It revised the agreement following People’s decision to abandon its takeover bid.