MGM in Talks to Acquire Largest Shareholder People Inc After Bid Reversal

MGM Resorts is discussing a potential offer to acquire Barry Diller's People Inc, a day after People withdrew its own proposal for MGM. The move would be an unusual reverse acquisition of its largest shareholder, which holds a ~27% stake. Deal terms and likelihood remain uncertain, but shares of People rose 9.2% pre-market on the news.