MGM Resorts amends voting agreement after People ends takeover bid

MGM Resorts International on Wednesday announced that it has amended its existing voting agreement with People Inc., which follows People’s withdrawal of its previously announced proposal to acquire the gaming company. The agreement requires People, Barry Diller, and related entities to vote their MGM shares in line with the board of directors’ recommendation in the event of a sale or change-of-control transaction, subject to certain conditions. According to the agreement, their combined ownership stake in MGM is capped at 29.9%, restricting additional share purchases beyond that point. People currently owns 27% of MGM’s outstanding shares.