People Inc. holds roughly 26% of MGM Resorts
Barry Diller said Wednesday that he is withdrawing his $12.4 billion bid for MGM Resorts, ending months of discussions with the company, according to The Wall Street Journal.
Diller made the bid to buy the remaining stake of MGM Resorts he does not already own. People Inc. owns roughly 26% of MGM, according to the report.
No reason for ending the discussions was given in the initial report by The Wall Street Journal. With the bid withdrawn, People Inc.’s roughly 26% ownership position in MGM Resorts remains unchanged.