People Incorporated drops bid to take MGM Resorts private

People Incorporated (NASDAQ: PPLI) has withdrawn its proposal to purchase all public shares of MGM Resorts International, the company announced Sept. 23.

Barry Diller, chairman and senior executive of People Incorporated, cited concerns about the conditions surrounding the deal. "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," Diller said.

People Incorporated retains a stake of approximately 27% in MGM Resorts, representing 66.8 million shares. Diller said the company remains open to other arrangements. "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," he said.

Diller also noted the performance of People Incorporated's publishing business, saying it had achieved its 11th consecutive quarter of growth and that the company holds sufficient cash to invest in its business and buy back stock.

People Incorporated owns People Inc., a publishing group with more than 40 brands including PEOPLE, Food & Wine, and Better Homes & Gardens, reaching approximately 175 million consumers per month.

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