Media mogul Barry Diller and People Inc. have withdrawn a bid to purchase all public shares of MGM Resorts International in a deal valued at more than $18 billion, according to Reuters.
People currently owns roughly a 27% stake in MGM Resorts after acquiring shares during the height of the COVID-19 pandemic in 2020.
"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.
In its own statement, MGM said that its "board remains excited to continue to lead MGM Resorts as a standalone company."
Despite the bid withdraw, Diller said his New York-based digital media company is still interested in the possibility of a strategic transaction with MGM and looks forward to considering alternatives to a buyout, Reuters reported.
MGM is a huge player in Las Vegas, owning some of the city's most notable hotels, resorts and casinos. What's more, its properties account for 40% of the Las Vegas Strip.
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