The Hospitality Newsletter
Today
People Inc. Drops $18B Bid to Acquire MGM Resorts
FeaturedfinanceHotel Dive··1 min·For: Owner, Investor, GM

People Inc. Drops $18B Bid to Acquire MGM Resorts

Barry Diller's People Inc. has officially withdrawn its multi-billion-dollar proposal to take MGM Resorts International private. MGM will continue operating as an independent company, though People Inc. retains a 27% stake.

Key Takeaways

  1. 1People Inc. abandoned its June offer valuing MGM Resorts at over $18 billion
  2. 2Barry Diller's firm will keep its 66.8 million shares, representing a 27% stake
  3. 3MGM leadership reaffirmed plans to pursue growth as a standalone resort operator

Read original source →

Source: Hotel Dive

Keep reading

Our reporting

OriginalMiddle East Hotel Pipeline Reaches Record 724 ProjectsWritten from 1 sources
OriginalMiddle East Hotels Cut Room Rates 50% as Demand DropsWritten from 2 sources

More in finance

SkiftDubai Strengthens Global Position as Luxury Travel Hub1 min readSkiftThe Financial Squeeze Facing American Hotel Owners1 min readLodging MagazineHotel Equities and Legendary Capital Announce Conversion1 min read

Also relevant for GM, Investor

SkiftGlobal Hotel Alliance Hits 1 Million Members in India1 min readsundaytimes.lkJetwing Vil Uyana Named Top 10 Responsible Hotel Worldwide1 min readasianhospitality.comThind Management to Open 92-Room Staybridge Suites in Texas1 min read
All finance newsFor GMFor InvestorFor OwnerToday's briefing