Diller Walks Away From MGM After Months of Talks, but Keeps His 27% Stake
The $48.30-a-share offer for MGM Resorts is off. Barry Diller's People Inc. told the casino operator on Wednesday that it has withdrawn its MGM Resorts takeover bid, ending nearly four months of talks and leaving one of Las Vegas's biggest names to carry on by itself. The market reacted within minutes. Reuters reported that MGM shares dropped 8% in extended trading after the news.
The Wall Street Journal broke the story, and MGM confirmed it soon afterward. Neither side has said what specifically stopped the deal. Diller offered only a general explanation: "We didn't feel the mix was coming together in the way we had hoped." People, he said, will not pursue taking MGM private "at this time," though his belief in the company's future is unchanged.
What Diller keeps now that the MGM Re...