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Billionaire Diller Withdraws $18bn MGM Offer
24 Sep
Summary
- Barry Diller withdrew his $18bn takeover offer for MGM Resorts.
- Diller cited a lack of consensus for the deal's completion.
- He still holds a 27% stake and confidence in MGM's future.
Media mogul Barry Diller has officially withdrawn his $18 billion takeover offer for MGM Resorts, the casino and hospitality group. Diller's People Inc, which already holds a substantial 27% stake and a board position in MGM, had publicly proposed the take-private deal in June.
Diller stated that the "ingredients" for the deal were not "coming together in the way we had hoped." He emphasized that his belief in MGM's strength remains "undimmed," reaffirming his significant shareholding and confidence in the company's prospects and management.
Discussions between MGM and Diller had been ongoing for months, with MGM forming a special committee to review the offer, from which Diller was excluded. The withdrawal comes during a period of recovery for Las Vegas tourism, with MGM owning a significant portion of Strip hotel rooms. Diller previously voiced his interest, championing businesses offering tangible experiences in an increasingly digital world.
