LAS VEGAS (FOX5) — MGM Resorts International confirmed that People Incorporated has withdrawn its June 1 proposal to acquire all outstanding shares of the company it does not already own, according to a news release from MGM Resorts.
The release said a special committee of MGM Resorts’ board of directors had participated in negotiations with People Incorporated over the past several months to advance the interests of shareholders. MGM Resorts will continue as a standalone company, according to the release.
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“The Board remains excited to continue to lead MGM Resorts as a standalone company,” said Paul Salem, chairman of the MGM Resorts board. “Our leading position in Las Vegas, our best-in-class regional properties, and BetMGM’s continued momentum highlight the value we bring to our shareholders. In addition, our international portfolio of MGM China and the significant opportunity ahead with MGM Osaka support a clear path to increasing shareholder value.”
FOX5 has reached out to People Inc. for their response, but has yet to hear back.
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