MGM Resorts Ends Merger Talks With People Inc.

MGM Resorts has ended merger discussions with its largest shareholder, People Inc., following the signing of an amended voting agreement. The negotiations began on June 1, 2026, when People Inc. proposed taking the gaming and hospitality company private in an 18 billion dollar cash deal valued at 48.30 dollars per share.

Bill Hornbuckle, CEO of MGM Resorts, stated that while both parties "came to terms on price," People Inc. withdrew the offer in September after it failed to assemble a necessary financing syndicate. Hornbuckle also confirmed that reciprocal talks, including a potential bid by MGM for People Inc., have concluded as the company refocuses on its operations.

Under the new agreement, People Inc. and its leader, Barry Diller, must vote their shares in alignment with the MGM board on change-of-control transactions. The agreement further limits their ownership stake to 29.9%. In exchange, MGM Resorts pledged not to take defensive or adverse actions against the shareholder.