The non-binding proposal from Barry Diller’s People Incorporated to acquire MGM Resorts for $18 billion was first made in June 2026, with the company offering $48.30 per MGM share and already holding around 27% of the casino operator at the time. Under the deal, MGM Resorts would have gone private.
However, after months of discussions with a special committee of MGM’s board, People Inc. decided to end the talks, with Diller saying that the proposal was not coming together as expected.
Barry Diller commented:
“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.”
Now, People Inc. will keep its existing stake in MGM Resorts, which includes around 66.8 million shares, as Diller also said that the company remains interested in MGM and doesn’t rule out a future strategic deal.
MGM Resorts, meanwhile, will continue as a standalone company, as MGM Chairman Paul Salem stated that the board remains focused on the company’s business in Las Vegas, its regional properties, BetMGM, MGM China and the upcoming MGM Osaka resort.
The end of the takeover talks also affected MGM’s share price, with shares falling sharply after the withdrawal, as Reuters reported a 9% drop in premarket trading on September 24, 2026.
