Arkhouse Urges Diller’s People to Repurchase Stock, Cites MGM ‘Depressed’ Share Price

Activist investor Arkhouse is pushing Barry Diller’s People Inc. (NASDAQ: PPLI) to repurchase stock, citing in part the “depressed” share price of MGM Resorts International (NYSE: MGM) – the casino company in which People is the largest shareholder. In a letter to People Chairman Barry Diller, Arkhouse managing partner Gavriel Kahane outlines a “multiple-step plan to create value for the shareholders” of the media company, including buying back “at least $750 million of stock” and selling its New York headquarters.