BUZZ-MGM Resorts shares fall after People Inc. withdraws acquisition offer

September 23 - ** MGM Resorts (MGM.N) shares fell about 9% in after-hours trading, to $34.50

** Media magnate Barry Diller's People Inc announced it is withdrawing its acquisition offer for MGM

** Diller's People Inc (PPLI.O) had proposed in June (link) to acquire MGM, valuing the company at over $18 billion at the time

** People Inc stated that it remains open to strategic transactions and other alternatives with MGM

** People Inc chairman Barry Diller said: "We believe the various conditions did not come together as we had expected..."

** According to the statement, People Inc currently still holds a 26% stake in MGM

** As of Wednesday's close, MGM shares were down about 18% so far this year

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