Barry Diller on Wednesday said he is withdrawing his bid for MGM Resorts after months of discussions with the company.
Diller’s People Inc. offered in June to buy the remaining stake of the casino company it didn’t already own, in a deal valuing the company at around $12.4 billion. People holds a roughly 27% stake in MGM.
The Journal reported in July that MGM had set up a board committee and lined up advisers to evaluate the bid.
“There are lots of ingredients that go into a proposal of this kind on its way to completion,” Diller said Wednesday. “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 said.
