India, Sept. 24 -- Shares of MGM Resorts International (MGM) were losing around 10% in the overnight trading on the NYSE after the gaming and entertainment major confirmed that People Inc. (PPLI) withdrew its takeover proposal for the remaining shares it does not own. MGM Resorts said it will continue as a standalone company.
People Chairman and Senior Executive Barry Diller said, "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."
People, which owns around 66.8 million shares representing around 27% of MGM Resorts, on June 1 submitted a non-binding proposal t...