Overview
- People Incorporated formally withdrew its proposal to buy the remaining public shares of MGM Resorts on Wednesday, Sept. 23, 2026, ending several months of negotiations with a board-appointed special committee.
- MGM’s board issued a statement reaffirming that the company will pursue its standalone strategy and highlighted its Las Vegas properties, BetMGM momentum, MGM China and the MGM Osaka development as value drivers.
- People Incorporated said it still holds 66.8 million MGM shares, roughly a 27% stake, and that it remains open to considering a range of strategic alternatives involving the company.
- The June offer had valued MGM at about $18 billion at $48.30 per share, and news of the withdrawal sent MGM’s stock down about 8% in extended trading as investor expectations reset.
- Diller had pitched the deal as a way to strengthen MGM’s digital business, notably BetMGM, and to own “real-world” assets seen as resistant to AI-driven disruption, a stance that leaves open the possibility of future pressure or deals from the large minority holder.