Shares of MGM Resorts International (MGM) were losing around 10% in the overnight trading on the NYSE after the gaming and entertainment major confirmed that People Inc. (PPLI) withdrew its takeover proposal for the remaining shares it does not own. MGM Resorts said it will continue as a standalone company.
People Chairman and Senior Executive Barry Diller said, "There are lots of ingredients that go into a proposal of this kind on its way to completion. We didn't feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time."
People, which owns around 66.8 million shares representing around 27% of MGM Resorts, on June 1 submitted a non-binding proposal to the MGM Board to acquire all remaining shares for $48.30 per share.
People then said it expects to own just over 50.1% of the equity of the company, with other investors, which may include existing shareholders of MGM, holding minority interests. People also said it would control the MGM business.
MGM now said that over the past several months, a special committee of its Board has participated in negotiations with People to advance the offer.
Diller now added, "People Incorporated is doing just fine with its principal publishing business achieving its 11th quarter of growth with plenty of cash to both invest in its business and purchase its stock. We at People Incorporated remain open to and interested in the possibility of a strategic transaction with MGM Resorts and look forward to considering a range of alternatives."
In the overnight activity on the NYSE, MGM Resorts shares were trading 9.62% lower at $34.21, after losing 2.70 percent on Wednesday's regular trading close.
However, People shares gained 3.86% in the afterhours trading, at $37.36, after losing 2.7% on Wednesday's regular trade.
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