People Inc. withdraws proposed MGM Resorts takeover bid
People Inc. withdrew its bid to take MGM Resorts private after several months of talks, and MGM chairman Paul Salem said the company would pursue its standalone strategy. People chairman Barry Diller said the elements needed to complete the deal had not come together; People retains about 27% of MGM and remains interested in a possible future transaction.
The withdrawal leaves MGM pursuing its existing strategy while People retains a substantial stake and possible interest in a future deal.