MGM Resorts shares tumble after Diller's People withdraws $18 billion bid
MGM•MGM Resorts shares fell 9% after Barry Diller's People Inc. withdrew its more than $18 billion proposal to buy the casino operator. People had offered $48.30 per share for the remaining shares in June.
1. Bid withdrawn
MGM Resorts shares slid 9% on Thursday after Barry Diller's People Inc. withdrew its more than $18 billion proposal to buy the casino operator. Diller said, “we didn't feel the mix was coming together in the way we had hoped.”
2. Offer details
People, which already owns 27% of MGM, had offered $48.30 per share for the remaining shares in June. The proposal had driven MGM's stock to an 18-year high.
3. Company backdrop
MGM owns properties accounting for roughly 40% of the Las Vegas Strip. Its growth has been uneven, with sluggish foot traffic in the United States, while its digital operations and assets in China, including Macau, have performed well.
