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MGM Resorts Shares Sink 9% After People Withdraws Takeover Bid
Barry Diller’s company offered $48.30 per share for MGM Resorts’ remaining public stock and already held a 26.1% stake.
MGM Resorts International shares fell 9% Thursday after People Inc. withdrew its proposal to buy the casino operator’s remaining public shares, ending a path toward taking the company private.
People Inc., formerly known as IAC, had offered $48.30 per share in June. The company already owned a 26.1% stake in MGM Resorts.
People Inc. Chairman Barry Diller attributed the decision to the complexity of completing the transaction. He said the company remains open to a future strategic deal with MGM Resorts and will consider a range of alternatives.
MGM Resorts will continue operating as a standalone company.
