MGM’s Hornbuckle says acquisition by People Inc. a no-go; operator will refocus attention on long-term plans

To start Wednesday’s earnings call, MGM Resorts International President and CEO put a stop to rumors about a possible acquisition by People Incorporated, the operator’s largest shareholder. Hornbuckle stated that People Inc. and an MGM Resorts special committee came to terms on a price, but “People was unable to assemble a syndicate that met their objective and they withdrew their offer. “Earlier today, we announced an amendment to the existing voting agreement with People, which restricts them from purchasing additional shares once their ownership reaches 29.9% and confirms that they will vote with the Board in connection with a change…