MGM Resorts announced that a leading independent proxy advisory firm has issued a report recommending that MGM’s shareholders vote for the reelection of all eleven of MGM’s director nominees and not the four nominees proposed by Land & Buildings.
MGM Resorts said it “is extremely pleased” that Institutional Shareholder Services
has recommended in favor of its director nominees following MGM shareholder L and B’s attempts to shake up the company due to what it says has been affected by gross incompetencies
In its report, ISS says: “As the dissident has not made a compelling case that change at the board level is warranted, votes on the management card for all management nominees are warranted.”
MGM said it is still taking strategic options very seriously, and considering L and B’s suggestion of a potential, partial or total, REIT strategy.
“As we have said, we are always receptive to any shareholder with a constructive view on how to create value and we have for some time been actively evaluating all strategic initiatives for the Company, including a potential partial or total REIT strategy, and we will continue to do so.”