- Barry Diller abandoned an $18bn takeover bid for MGM Resorts, pulling People Inc.'s offer.
- MGM Resorts stock fell 11% after hours once People Inc. withdrew its $48.30-per-share offer.
- The withdrawal removes the takeover premium that had been embedded in MGM's share price, leaving the stock to trade on standalone casino-resort fundamentals.
Quotes
“MGM Resorts stock fell 11% after-hours after People Inc. withdrew its $48.30/share takeover bid.”