Barry Diller's People Inc. Withdraws MGM Resorts Takeover Bid

Barry Diller's People Inc has withdrawn a bid to acquire the outstanding shares of MGM Resorts International. "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 said in a statement. "What is undimmed is our belief in the future of MGM Resorts." People continues to hold 66.8 million of MGM's shares, representing a stake of approximately 27%. Diller added that People Inc. has "total . . .