MGM Resorts shares fall after People Inc. withdraws takeover bid
Shares of MGM Resorts (MGM) fell nearly 11% in after-hours trading following the withdrawal of a proposed $6.5 billion takeover offer by Barry Diller's media company, People Inc. (PPLI). The deal had been announced earlier this year and was seen as a strategic move to diversify into gaming and entertainment. With the bid now off the table, investors are reassessing MGM’s standalone prospects. In contrast, shares of People Inc. rose 4% after-hours amid speculation about alternative uses for its capital or potential new deals in other sectors. The company cited
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