Daily newsletter · Fri 25 Sep 2026
Barry Diller walked away from MGM and the shares gave back 11%
MGM Resorts closed at US$33.69 on Thursday, down 10.99%, after People Incorporated withdrew its offer to take the casino group private at US$48.30 a share. The bid valued MGM at about US$18 billion when it landed in June.
Diller said the mix was not coming together the way he had hoped. He is chairman of People, the company formerly called IAC, and he told investors it would not pursue the purchase at this time. Part of the reason was the debt the deal would have loaded onto the buyer.
People keeps its stake of about 27%, so it remains the largest holder by a distance. MGM's board says the company will carry on as a standalone business.
Caesars Entertainment finished the session up 0.3%, so the selling stayed with MGM. The shares had carried a takeover premium since June, and Thursday took it out in one go.
the buyer who knows this company best, with a quarter of it already owned, could not make US$48.30 work. I'd watch what People does with that holding, because a 27% shareholder who has just stopped buying sets the tone either way.
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General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.