Barry Diller's People withdraws bid for MGM Resorts

By Reuters News

Sept 23 (Reuters) - Media mogul Barry Diller's People Inc PPLI.O said on Wednesday it had withdrawn its proposal to purchase all public shares of MGM Resorts International MGM.N, sending the casino operator's shares down 8% after the bell.

In June, People, which currently ⁠owns an approximately 27% stake in MGM, proposed to buy the remaining stake, valuing it at more than $18 billion. It had offered $48.30 a share in cash for the remaining share.

For Diller, who viewed MGM as undervalued, the increasing stake offered an opportunity for People to diversify beyond ​the core media business that includes publications such as its namesake magazine and Food & Wine magazine.

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