MGM CEO Signals Possible Acquisition Of Top Shareholder People Inc. As Casino M&A Accelerates: Report
MGM CEO Bill Hornbuckle hinted at a possible acquisition of top shareholder People Inc. as casino M&A activity accelerates.Summary
MGM Resorts International CEO Bill Hornbuckle has suggested that the casino operator could acquire its largest shareholder, People Inc., after the holding company withdrew its $48.30-per-share buyout offer for MGM. People Inc., formerly IAC, owns about 27% of MGM. Hornbuckle emphasized MGM's commitment to unlocking shareholder value and praised Barry Diller's continued confidence in Las Vegas. Meanwhile, rival Caesars Entertainment is set to go private through a $17.6 billion acquisition by Fertitta Entertainment, pending FTC review. Internationally, Wynn Resorts is developing a resort in the UAE, and MGM is progressing on its Osaka project. MGM stock has declined about 15% year-to-date, but retail sentiment remains extremely bullish.
(Source：Asianet Newsable)