People Inc. pulls out of $18 billion MGM Resorts acquisition bid

People Inc. has officially withdrawn its bid to acquire the outstanding stake in MGM Resorts. The company, led by Barry Diller, had proposed a deal valuing MGM Resorts at approximately $18 billion, offering $48.30 per share.

In a press release, Barry Diller, Chairman and Senior Executive of People Inc., explained that the decision to withdraw was due to unmet expectations. "There are lots of ingredients that go into a proposal of this kind on its way to completion. We didn't feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time," Diller stated.

Despite the withdrawal, People Inc. will retain ownership of a 27% stake in MGM Resorts, holding 66.8 million shares. Diller expressed optimism about the future of MGM Resorts, noting that People Inc. remains dedicated to executing a "strategic transaction with MGM Resorts" in the future. MGM Resorts, meanwhile, has confirmed that it will continue to operate as a standalone company, highlighting its strong position in Las Vegas and its international portfolio, which includes MGM China and the upcoming MGM Osaka.