MGM Resorts International could pursue an acquisition of People Inc. after the publishing company withdrew its $48.30-per-share proposal to acquire all public MGM shares. CEO Bill Hornbuckle said management would act in shareholders' best interests and seek to unlock value from a company he considers grossly undervalued. People Inc., formerly IAC, owns People magazine and Food & Wine and holds roughly 27% of MGM, making it the casino operator's largest shareholder. The Wall Street Journal reported that MGM was exploring an offer, while neither company confirmed the report. People Inc. shares rose 9% after the report, while MGM fell 3%. The potential combination reflects depressed valuations and a possible fit between People Inc.'s lifestyle brands and MGM's hotel and entertainment assets. The broader conference discussion included Caesars Entertainment's $17.6 billion sale to Fertitta Entertainment, which shareholders approved last week and which remains under extended Federal Trade Commission antitrust review, as well as Macao premium customers and projects in Japan and the UAE.