MGM Resorts falls after People Inc withdraws bid

- MGM Resorts' MGM.N shares fall about 9% to $34.50 in extended trading - Media mogul Barry Diller's People Inc says it withdraws bid for MGM - Diller's People Inc PPLI.O proposed in June to buy MGM, valuing the company at more than $18 billion - People Inc says it remains open to strategic transaction and alternatives with MGM - People's chairman Barry Diller said, "We didn't feel the mix was coming together in the way we had hoped ..." - People continues to hold a 26% stake in MGM, according to the statement - Up to Wednesday's close, the stock had fallen about 18% year to date

People Inc withdraws bid for MGM

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