LAS VEGAS (FOX5) — MGM Resorts International’s board of directors has formed a special committee of independent directors to evaluate a takeover proposal from People Incorporated, CEO William Hornbuckle said during the company’s second quarter earnings call Friday.
Hornbuckle said the committee is composed of directors with no affiliation or association with Barry Diller, People Inc. or the proposed transaction, and that it is working with independent outside advisers.
“I’m confident our Board will pursue the course of action that’s in the best interest of the company and our shareholders,” Hornbuckle said. He added that he and other executives would not be answering questions about the topic during the call’s Q&A session.
MORE ON FOX5: People Inc. proposes $18 billion buyout of MGM Resorts
What People Inc. proposed
People Inc. submitted a proposal last month to acquire all outstanding shares of MGM Resorts International that it does not already own for $48.30 per share in cash. The offer values MGM at approximately $18 billion.
People Inc. currently owns 26.1% of MGM’s outstanding common stock. Under the proposal, the company would own just over 50.1% of MGM’s equity, with other investors — potentially including existing MGM shareholders — holding minority interests.
Barry Diller, chairman and senior executive of People Inc., said the company has been investing in MGM for nearly six years.
“We believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities,” Diller said. “That conviction has only strengthened over time.”
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