MGM Resorts falls after Barry Diller's People withdraws buyout proposal

By Reuters News

** Shares of casino operator MGM Resorts International MGM.N down 8.38% at $34.68 in premarket trading

** Stock down after media mogul Barry Diller's People Inc PPLI.O withdrew its proposal to purchase all public shares of MGM

** People Inc, which owns a ~27% stake in MGM, had proposed to buy remaining shares for $48.30 each, valuing company at more than $18 billion

** MGM has been relying on growth in its China assets and digital operations in recent quarters amid sluggish footfalls at its Las Vegas properties

** Eleven of 24 brokerages rate the stock "buy" or higher, 11 "hold" and 2 "sell" or lower; their median PT is $48.3 - LSEG-compiled data

** YTD, MGM shares up about 3.7%, compared with a 12.6% rise in the S&P 500 .SPX

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