People Incorporated (NASDAQ: PPLI) has withdrawn its proposal to acquire all public shares of MGM Resorts International, stating it will not pursue a privatization of the casino operator at this time.
Barry Diller, chairman and senior executive of People Incorporated, said the components of the proposal were not coalescing as hoped and thanked MGM Resorts' special committee and board of directors for their time during the process.
"What is undimmed is our belief in the future of MGM Resorts," Diller said. "We continue to hold 66.8 million shares representing approximately 27% of MGM Resorts and have total confidence in both the management and the Company's prospects."
People Incorporated remains a significant shareholder in MGM Resorts, retaining its 66.8 million-share position, which accounts for roughly 27% of the company. The firm said it remains open to considering a strategic transaction with MGM Resorts and will evaluate alternatives while maintaining its minority stake.
People Incorporated's publishing segment has posted 11 consecutive quarters of growth and owns more than 40 brands, including PEOPLE, Food & Wine, Travel + Leisure, InStyle, Better Homes & Gardens and Southern Living. Its properties reach approximately 175 million consumers each month.
