Barry Diller Withdraws $18 Billion Bid for MGM Resorts

Barry Diller’s People Inc. has withdrawn its proposal to acquire the publicly traded shares of MGM Resorts International, abandoning a deal that valued the casino operator at more than $18 billion. People, which already owns about 27% of MGM, had offered $48.30 per share in cash for the remaining stake. Diller said the financing and other elements of the transaction did not come together as hoped, while MGM’s board said it was confident in the company’s future as an independent resort and gaming operator. MGM shares fell about 8% after the announcement, according to Reuters.