Barry Diller Drops Bid to Acquire MGM Resorts: ‘We Didn’t Feel the Mix Was Coming Together’

People Inc., the media company controlled by Barry Diller, is scrapping its proposed bid to acquire MGM Resorts International. People Inc. (which changed its name from IAC this spring) owns about 27% of MGM Resorts. In June, the company submitted formal offer for the hotel and online-gaming operator to acquire all outstanding shares of MGM […] People Inc., the media company controlled by Barry Diller, is scrapping its proposed bid to acquire MGM Resorts International. People Inc. (which changed its name from IAC this spring) owns about 27% of MGM Resorts. In June, the company submitted formal offer for the hotel and online-gaming operator to acquire all outstanding shares of MGM that People Inc.

did not already own for $48.30 per share in cash. The bid valued MGM Resorts at around $18 billion. But on Wednesday, People Inc. said it was withdrawing the offer. Diller, who serves as People Inc.’s chairman and senior executive, said in a statement, “There are lots of ingredients that go into a proposal of this kind on its way to completion. 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 added, “What