Barry Diller's People Inc., formerly known as IAC, officially withdrew its non-binding proposal to acquire all outstanding shares of MGM Resorts International that it did not already own. The proposal, made in June, offered $48.30 per share in cash, valuing the casino giant at over $18 billion including debt. People Inc. currently holds approximately a 27% stake in MGM.
The withdrawal of the bid caused MGM Resorts' shares to fall by 8% after the bell on September 23, 2026, and a further 9% on September 24, with premarket trading showing the stock at $34.40, its lowest open in seven months. This decline effectively wiped out all gains made since the initial bid was announced. Diller commented that "we didn't feel the mix was coming together in the way we had hoped," without providing a specific reason for the withdrawal.
People Inc. had initially expressed strong conviction in MGM's assets, believing them to be undervalued by the market due to their real-world nature and digital growth opportunities, including its stake in the BetMGM digital-betting joint venture. The proposed deal aimed to take MGM private, with People Inc. expecting to own just over 50.1% of the equity and control the business, while offering MGM shareholders a premium for their shares and de-risking their investment.
